Conglomerate SM Investments Corp. said Tuesday it is in talks for possible investment, joint venture or cooperation agreement with Goldilocks Bakeshop.
The planned investment will mark the conglomerate’s foray into the restaurant business.
The potential investment, however, is still pending and subject to regularity approval by the Philippine Competition Commission.
SM group will be the second company to have openly expressed interest in investing in Goldilocks, which is owned by the Go family. Pancake House Inc., which was then owned by the businessman Martin Lorenzo, expressed interest in acquiring majority stake in Goldilocks as early as 2005.
Pancake offered to acquire Goldilocks for P2 billion at that time, but the talks did not push through.
Established in 1966, Goldilocks has grown from a small bakery in Makati City to the country’s largest bakeshop with over 400 stores here and abroad.