(By: VG Cabuag, Business Mirror)
The Securities and Exchange Commission has approved the creation of a unit of Shakey’s Pizza Asia Ventures Inc., which will take in new restaurant ventures and manage existing ones.
In its disclosure, Shakey’s, a company led by the Po family and owns the American pizze brand in the Philippines and in parts of the region, said the regulator approved the creation of WOW Brand Holdings Inc.
“The company’s primary business is to establish, maintain, manage, lease, purchase, acquire, hold and dispose of by sale, lease, or otherwise, in the Philippines or in any foreign territory, restaurants, food parlors, and other food retail outlets,” it said.
The new company will have a capitalization of P500 million divided into 500 million common shares.
Shakey’s has started acquiring restaurants in the country, the first of which was Peri-Peri Charcoal Chicken, an emerging casual and full-service restaurant brand in the country.
Under the asset purchase agreement, the company will purchase assets and intellectual property relating to the Peri business, including its brand, trade name, and the various proprietary recipes used by the chain to make its trademark peri-peri chicken.
The deal is expected to close mid-year, upon fulfillment of conditions precedent customary to this kind of transaction.
The acquisition of the company will also involve owning and operating all company-owned stores, as well as serving as brand-owner and franchisor of stores being operated by franchisees.
The article is originally published HERE on April 30, 2019.