Singapore’s sovereign wealth fund GIC may sell some of its shares in Shakey’s Pizza Asia Ventures Inc. in the latter’s initial public offering, a source said Wednesday.
The source said GIC would opt to sell some of its shares in SPAVI, formerly International Family Food Services Inc., depending on the final IPO price.
“It will all depend on the final pricing of the IPO,” the source said.
SPAVI filed a registration statement with the Securities and Exchange Commission last month to raise as much as P5.5 billion from the sale of 352 million primary and secondary shares, including 46 million shares to meet extra demand at a maximum price of P15.58 apiece.
Of the 352 million shares, 104 million are primary commons shares while 202 million are secondary shares held by existing shareholders.
SPAVI, in the registration statement, did not identify the selling shareholders.
The Prieto family will likely retain a minority stake in SPAVI as they have knowledge in running the business, the source said.
“The Prieto family will likely stay as minority shareholders because it was only this year when the company was acquired by the Po family and GIC,” the source said.
Century Pacific Group, Inc., the holding company of the Po Family and Singapore’s GIC acquired IFFI, the owner and operator of the Shakey’s pizza chain in the Philippines, for an undisclosed amount in March this year.
The transaction included Bakemasters Inc., a supplier of bakery products to Shakey’s, other food service customers and the Philippine franchise for Project Pie, a US artisan pizza restaurant chain.
SPAVI had 177 stores all over the country as of end-June, with plans to expand in Greater Manila area and provincial areas.
The company is expected to open at least seven more stores before the end of 2016. Twenty new stores are in the pipeline for 2017.
Apart from the Philippines, the company also owns perpetual rights to the Shakey’s brand for the Middle East, Asia (ex Japan and Malaysia), China, Australia and Oceania.
GIC is a leading global investment firm with over $100 billion in assets under management. Established in 1981 to secure the financial future of Singapore, the firm manages Singapore’s foreign reserves.
A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including real estate, private equity, equities and fixed income.
SPAVI is expected to finalize the final IPO offer price this month, ahead of the listing in the Philippine Stock Exchange in December.
The company earlier said it planned to use the proceeds from the IPO to expand its in-house commissary and raise funds for working capital requirements, potential acquisitions and repayment of debt.
