LISTED Shakey’s Pizza Asia Ventures, Inc. (SPAVI) has completed the incorporation of its United States subsidiary in support of the company’s expansion plans.
The fully owned subsidiary is named SPAVI International USA, Inc., SPAVI said in a regulatory filing on Tuesday.
Last month, SPAVI’s board approved the incorporation of SPAVI International USA, which will own and operate stores and franchises, as well as sell the group’s products and brands.
“The incorporated entity will be the group’s platform in its expansion plans in the territory, which will grow systemwide sales, revenues, and bottom line internationally via company-owned and franchised stores in the territory,” SPAVI said.
SPAVI operates brands such as 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.
As of the end of June, the company has 2,351 stores and outlets across its brands.
Recently, SPAVI opened the 2,000th store of its Potato Corner brand in SM Cebu. The company bought Potato Corner in 2022 to strengthen its brand portfolio.
SPAVI saw a 14% drop in its first-half net income to P421 million from P489 million last year due to inflationary challenges.
January-to-June systemwide sales jumped by 14% to P10.1 billion, while operating expenses increased by 36% to P960 million.
On Tuesday, SPAVI shares rose by 1.51% or 14 centavos to P9.42 apiece. —Revin Mikhael D. Ochave
