MANILA, Philippines – Shakey’s Pizza Asia Ventures Inc. (SPAVI) receives the approval of the Securities and Exchange Commission (SEC) of the Philippines for its initial public offering (IPO) worth P5.5 billion.

The primary and secondary shares of the company at 352 million count will be offered at P15.58 per piece.

Shakey’s disclosed that the IPO proceeds will be allocated for the company’s in-house commissary expansion, feasible acquirements, debt repayments, and requirements for working capital among others.

The initial offering of shares will be conducted from December 2 to 8. The company added that the tentative listing date is on December 15.

Documentation showed that 70 percent of the shares will be tendered to foreign investors. The rest or 30 percent of the shares will be offered to local investors.

Once the allotment option of the company is exercised, Arran Investments Private Limited has agreed to trade its 248 million secondary shares. As a result, the company’s stake in SPAVI will be reduced from 37.2 percent to 18.5 percent.

Arran Investments Private Limited is a GIC unit, which is a Singapore-based sovereign wealth fund. The company will retain its minority stake in the company for they have knowledge in the business management. Moreover, it was only this year that the company was owned by GIC and Po Family.

The pizza chain in the country is now owned and operated by Century Pacific Group, Inc., which is Po Family’s holding company, and IFFI. The latter is an acquired firm by Singapore’s GIC.

Shakey’s Pizza Asia Ventures Inc. is the owner of the country’s Shakey’s trademark. It has a network of 177 stores nationwide. By the end of the year, the company is anticipated to open seven more stores. Next year, the company will commercially run 20 additional branches. Besides the Philippines, the brand also has rights for Asia, Middle East, Australia, China, and Oceania markets.

SPAVI has an exclusive deal with Quorn Foods, which is a UK-based company and world leader in meat alternatives. The limited-time agreement will open the country for first meat alternative pizzas. Quorn is under Monde Nissin Corp. in the Philippines. The company offers mycoprotein meat substitute for healthy protein. Through this compound, replication of sausage, burgers, and chicken fillets is being done.

Quorn has retained its position as the market leader in meat substitute across 15 countries. In three of its UK sites, United States, and Germany, the management operates with 620 employees.

SPAVI is the fourth company to tender its IPO this year.

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