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Po family buys iconic Philippine brands

 

Bloomberg

Century Pacific Food Inc and Shakey’s Pizza Asia Ventures Inc, owned by the Po family in the Philippines, are buying two household names in transactions that perked up the local deals scene a week before yearend.
Century Pacific, a tuna canner that has been building its portfolio, will acquire assets and intellectual property related to the manufacturing of Ligo sardines and other marine products.
The family’s restaurant venture Shakey’s will also purchase food-kiosk operator Potato Corner, known for flavored fries, according to a separate statement. The acquisition involves assets, intellectual property rights and operations of all company-owned stores and franchises. Potato Corner has over 1,000 domestic outlets and a growing international footprint.
The deal prices will be determined at a later date. Shares of Shakey’s jumped as much as 17.3% before closing 8.9% higher, while Century Pacific rose as much as 4.6% before ending the session with a 1.9% gain.
“It’s a good shopping spree for Christopher Po,” said Andrei Soriano.

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