LISTED Shakey’s Pizza Asia Ventures, Inc. (SPAVI) is eyeing an expansion into the United States with the planned incorporation of a new subsidiary.
In a regulatory filing on Monday, the company announced that its board had approved the incorporation of a fully owned subsidiary in the US, with its registration expected to be completed after 30 days.
“The incorporated entity will be the group’s platform in its expansion plans in the territory which will grow system-wide sales, revenues, and bottom line internationally via company-owned and franchised stores in the territory,” SPAVI said.
SPAVI said the new subsidiary will own and operate stores and franchises and will market the group’s products and brands.
The company did not provide further details on the new US subsidiary.
SPAVI’s brand portfolio consists of kiosk-based food brand Potato Corner, Peri-Peri Charcoal Chicken and Sauce Bar, Singaporean milk tea brand R&B Milk Tea, and artisanal brand Project Pie.
The company recently opened the 2,000th store of its Potato Corner brand, located in SM Cebu.
SPAVI acquired Potato Corner in 2022 to strengthen its brand portfolio. Potato Corner has a presence in 15 markets globally and has partnered with over 800 franchisees worldwide.
Potato Corner recently entered the Malaysian market and has been expanding its presence in China.
For the first half, SPAVI posted a 14% decline in its net income to P421 million from P489 million last year, citing inflationary challenges.
System-wide sales increased by 14% to P10.1 billion, while operating expenses surged by 36% to P960 million.
SPAVI has 2,351 networks and outlets across its brands as of the end of June.
On Monday, SPAVI shares fell by 0.43% or four centavos to P9.26 per share. — Revin Mikhael D. Ochave
