GIC aims to sell shares in Shakey’s Pizza Philippines IPO

Visual from company website

Singapore’s sovereign investor GIC is reportedly looking at selling some of its shares in Shakey’s Pizza Asia Ventures Inc (SPAVI), which applied to go public recently in the Philippines.

Depending on the final pricing of the IPO, GIC would choose to sell some of its shares in SPAVI, formerly known as International Family Food Services Inc (IFFI), The Standard reported.

The restaurant chain is targeting to raise over $113 million (P5.5 billion) via IPO in the Philippine Stock Exchange this year.

Also Read: Pizza chain Shakey’s Philippines targets to raise $113m in IPO

SPAVI filed a prospectus with the Securities and Exchange Commission (SEC) last month to sell up to 352 million primary and secondary shares, including 46 million shares priced at P115.58 apiece, to meet excess demand.

SPAVI seeks to finalised the offer price in November and targets its projected listing in December 2016.

GIC last March teamed up with Philippine-based conglomerate Century Pacific Group Inc (CPGI) to acquire for an undisclosed amount the IFFI, the owner and operator of SPAVI.

Also Read: Century Pacific, Singapore’s GIC to buy Shakey’s Pizza chain in Philippines

Majority owned by the Po Family’s CPGI, SPAVI owns the rights to the Shakey’s trademark in the Philippines. CPGI is the parent company of local listed Century Pacific Food Inc (CNPF).

The deal was the second one between CPGI and GIC. The first one was last May 2014 when GIC converted a P3.38 billion loan into a 10 per cent stake in CPGI’s canned goods maker CNPF.

The global pizza franchise originally started in the US in 1954 that later expanded overseas such as in Canada, Mexico, Japan, and in the Philippines in 1975, to name a few. SPAVI ended year 2015 with over 170 stores in the Philippines nationwide.

Also Read:

Singapore’s GIC invests $100m in African realty funds Actis, RMB Westport

Philippines: Century Pacific Food buys out coconut products firm CPAVI for $209.9m

Philippine food giant URC unit snaps up Snackbrands Australia for $460m

Philippines: AboitizPower to pay Blackstone $1.2b in GNPower deal

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.