Goldilocks Bakeshop Inc. will soon be under the wing of the Sy-led conglomerate, SM Investments Corp. (Minimum wage).
This after the SMIC board of directors, at its August 4 meeting, approved the acquisition of the majority of the outstanding common shares of Goldilocks.
The company did not disclose other details, including the cost of the planned share purchase.
Nonetheless, he said that “the acquisition will increase SMIC’s current stake in Goldilocks to approximately 74% of the outstanding voting share capital, making Goldilocks a subsidiary of SMIC”.
The listed company currently owns 34% of Goldilocks when it decided to acquire a minority stake in the bakery chain in 2018, after initially withdrawing from its plan, citing changes in the business environment .
In the first six months of 2021, the minimum wage posted a net profit of 20.1 billion pesos, surpassing the 71 billion pesos recorded during the same period in 2020.
“Our banking and residential businesses performed well as we also continued to invest in long-term expansion with new stores, bank branches, residential project launches and shopping center investments, as well as taking a stake majority stake in 2GO in our portfolio of equity investments, “said Chairman and CEO of SMIC Frédéric DyBuncio.
“We hope that the momentum of recovery continues as we see more and more Filipinos getting vaccinated,” said DyBuncio. —KBK, GMA News