A. Soriano Corp. (Anscor) said Thursday it sold its entire minority stake in TBG Food Holdings Inc., the company behind The Bistro Group of restaurants, to Inoza Business Holdings Inc. for P1.914 billion.
The transaction, executed through a deed of sale on Oct. 1, 2025, represents a value realization of Anscor’s investment, according to a disclosure to the Philippine Stock Exchange. Anscor said it realized gross annualized returns of over 25 percent or P300 million on its investment in TBG through a combination of distributions and capital gains.
Inoza Business Holdings is led by Bounty Fresh founder Tennyson Chen. Inoza is a newly-formed holding firm affiliated with Progeny Global Holdings Inc., which has interests in agribusiness, food manufacturing and limited-service restaurants, including brands Bounty Fresh, Chooks-to-Go and Uling Roasters.
The Philippine Competition Commission (PCC) earlier approved the acquisition, saying it found no competition concerns.
The PCC said its review found no competition concerns in the nationwide supply of chicken meat, table eggs, pork and beef for the food service industry, citing the parties’ relatively small market shares and the presence of ample alternative suppliers.
TBG, also known as The Bistro Group, is a premium casual restaurant operator in the Philippines, owning and operating over 200 full-service restaurants across 23 brands such as Italianni’s, TGI Friday’s and Texas Roadhouse.
Anscor had acquired its minority stake in TBG on Nov. 13, 2024, after signing a deed of sale with Navegar I (Singapore) Pte. Ltd. for P1.61 billion, which was fully paid in cash.
Anscor extended its best wishes to the Bistro and Inoza teams, expressing confidence that they would “continue delighting Filipino consumers with their quality dining experiences for many years to come.”
The PCC said the clearance is expected to sustain healthy competition in the food service and agribusiness sectors while supporting the strategic growth plans of both Inoza and TBG Holdings.
 sold its entire 22-percent stake in TBG Food Holdings, the company behind The Bistro Group of restaurants, to Inoza Business Holdings, Inc. for P1.914 billion, realizing over 25 percent gross annualized returns.){kind=link}