Century Pacific Group, Inc. (CPG) and JE Holdings (JE), companies headquartered in the Philippines, have acquired the ownership stake held by Singapore’s sovereign wealth fund GIC in Shakey’s Pizza Asia Ventures, Inc. The purchase was executed through their affiliate, Arran Investment Pte Ltd.

The acquisition was carried out through a private placement, and the specific value at which the shares were acquired has not been disclosed.

GIC previously held 283 million shares, constituting a 16.8% ownership in the company. CPG acquired 185 million shares, increasing its ownership to 62%. Simultaneously, JE Holdings obtained 98 million shares, raising its stake in PIZZA to 14.9%. These shares were acquired at a price of Php 9.50 each.

CPG and JE are privately-owned firms belonging to the Po and Gokongwei families. Among the businesses within CPG’s portfolio is Century Pacific Food Inc., a prominent canned food company in the Philippines. On the other hand, JE has investments in the insurance company Maxicare.

As of now, Shakey’s boasts a global presence with nearly 2,000 stores and outlets worldwide. In its most recent earnings report, the company reported a remarkable 51% year-on-year increase in systemwide sales for the first six months of the year, and its net income nearly doubled, experiencing 96% year-on-year growth. The company has also recently revised its full-year outlook, projecting growth exceeding 30% year-on-year for both revenue and profit.