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Mar 17, 2016 @ 23:22

Century Pacific not gobbling up Shakey’s Pizza

Century Pacific Food Inc. of the Po family is sticking to its core business of manufacturing and selling food products and is not expanding into the restaurant business.

In a disclosure to the stock exchange, Century Pacific Food said: “Participating in the business of running chain restaurants or fast food outlets is not part of the company’s strategy.”

Century Pacific Good, incorporated only in October 2013, manufactures, buys, sells, and packages all kinds of food products. It owns Century Canning Corp. that produces the popular Century Tuna brand. Its other brands include 555, Blue Bay, Argentina, Swift, Angel, and Birch Tree.

Century Pacific Food raised P3.16 billion from its initial public offering on May 6, 2014. As of December 31, 2015, it has spent P2.96 billion of the IPO proceeds.

Its assets totalled P11.54 billion as of the end of September 2015.

A newspaper reported that Century Pacific Group Inc. was close to sealing a deal to purchase Shakey’s Pizza from the Prieto family for P15 billion.

Century Pacific Food told the exchange: “We wish to clarify that Century Pacific Food, Inc. (PSE: CNPF) is not involved in negotiations to buy the local franchise of Shakey’s Pizza.”

Century Pacific Food recently bought 100 percent of Century Pacific Agricultural Ventures Inc. from its parent company, Century Pacific Group for P4.5 billion. (Eileen A. Mencias)



 

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