SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER 1. Date of Report (Date of earliest event reported) Mar 5, 20222. SEC Identification Number 546663. BIR Tax Identification No. 000-163-3964. Exact name of issuer as specified in its charter SHAKEY'S PIZZA ASIA VENTURES INC.5. Province, country or other jurisdiction of incorporation MANILA, PHILIPPINES6. Industry Classification Code(SEC Use Only) 7. Address of principal office 15KM EAST SERVICE ROAD CORNER MARIAN ROAD 2, BARANGAY SAN MARTIN DE PORRES, PARANAQUE CITYPostal Code17008. Issuer's telephone number, including area code (632) 8742 53979. Former name or former address, if changed since last report N/A10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 1,683,760,178
11. Indicate the item numbers reported herein Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Shakey's Pizza Asia Ventures, Inc.PIZZA PSE Disclosure Form 4-2 - Acquisition/Disposition of Shares of Another Corporation
References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure

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
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction

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.

This is an accretive acquisition. Nonetheless, PIZZA will pursue maximizing synergies and wielding its expertise in business development, franchise management, and supply chain operations to further grow the brand sustainably.

Details of the acquisition or disposition
Date Mar 5, 2022
Manner

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.

The terms and conditions of the transaction
Number of shares to be acquired or disposed 300,000
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

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:
- Submission of documents from the seller, including execution of contracts to enable operation of the business
- Turnover of access to use and operate assets and premised where operations are conducted

Any other salient terms

Not applicable

Identity of the person(s) from whom the shares were acquired or to whom they were sold
Name Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates
Cinco Corporation None
John Edward Hernandez None
Effect(s) on the business, financial condition and operations of the Issuer, if any

The acquisition will effectively increase revenues and earnings of PIZZA.

Other Relevant Information

None

Filed on behalf by:
Name Manuel Del Barrio
Designation Chief Information Officer

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Shakey's Pizza Asia Ventures Inc. published this content on 07 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 March 2022 06:18:05 UTC.