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Shakey’s inks deal on Gokongweis’ JE Holdings entry

SHAKEY’s said the entry of JE Holdings is seen to strengthen post-pandemic expansion plans. — FACEBOOK.COM/SHAKEYSPH

SHAKEY’s Pizza Asia Ventures, Inc. and JE Holdings, Inc. have signed a subscription agreement covering 152,439,025 common shares of Shakey’s.

In a disclosure to the exchange on Thursday, Shakey’s said the deal gives Gokongwei-led JE Holdings a nine percent slice of the company for P1.26 billion.

“As disclosed on May 12, 2021, the board of directors approved the entry of JE Holdings to further strengthen post COVID-19 (coronavirus disease 2019) expansion plans,” Shakey’s said.

The shares will be issued from the Shakey’s unissued authorized capital stock.

JE Holdings subscribed to Shakey’s shares at a price of P8.20 apiece, which is said to be a 10% premium from the company’s latest stock price and around 14.6% higher than its latest 45-day volume weighed average.

It now joins Century Pacific Group and the sovereign wealth fund of Singapore as the top shareholders of Shakey’s.

On Thursday, Shakey’s stocks at the local bourse declined by 1.18% or 10 centavos to close at P8.40. — Keren Concepcion G. Valmonte

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