C01399-2022 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common Shares | 1,683,760,178 |
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Subject of the Disclosure |
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SHAKEY’S PIZZA ACQUIRES POTATO CORNER INTERNATIONAL PTD. LTE. |
Background/Description of the Disclosure |
In connection with the disclosure last 23 December 2021, Shakey’s Pizza Asia Ventures Inc (PSE: PIZZA), one of the country’s leading restaurant operators, announces the acquisition of Potato Corner, one of the leading food kiosk brands in the country. Shakey’s acquires 100% ownership of PC International Pte. Ltd., a Singaporean Corporation which owns and operates Potato Corner in Singapore. |
Date of Approval by Board of Directors |
Dec 23, 2021 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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Since its inception in 1992, the brand has built a vast network of over 1,000 outlets domestically and has a growing international footprint in Asia and beyond. Over the years, the business has built a strong brand equity and demonstrated robust performance, attractive margins, and the capability to scale – all aligned with PIZZA’s criteria for acquisitions. |
Date | Mar 5, 2022 |
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Manner |
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The parties executed Deeds of Absolute Sale for the purchase of shares. |
Description of the company to be acquired or sold |
PC International Pte. Ltd. is a Singaporean Corporation which owns and operates Potato Corner in Singapore. |
Number of shares to be acquired or disposed | 300,000 |
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Percentage to the total outstanding shares of the company subject of the transaction | 100 |
Price per share | Php 544.82 |
Nature and amount of consideration given or received |
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Consideration paid amounted to Php 163.45M, which is less than 10% of the company’s total book value as of September 30, 2021 |
Principle followed in determining the amount of consideration |
Appropriate financial and operational due diligence customary to this kind of transaction. |
Terms of payment |
100% of the consideration was paid through cash |
Conditions precedent to closing of the transaction, if any |
Subject to fulfilment of conditions precedent customary to this kind of transaction: |
Any other salient terms |
Not applicable |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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The acquisition will effectively increase revenues and earnings of PIZZA. |
Other Relevant Information |
None |
Name | Manuel Del Barrio |
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Designation | Chief Information Officer |