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Xurpas : Shakey's, Xurpas unit to list at the PSE

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by October 13, 2016 General

PIZZA chain Shakey’s and a unit of casual game maker Xurpas Inc. have filed for their respective initial public offerings (IPO) with to the Securities and Exchange Commission, with both firms hoping to list before the year ends.International Family Food Services Inc., to be renamed Shakey’s Pizza Asia Ventures Inc., said it plans to raise up to P5.5 billion in its IPO this year. It plans to sell up to 352 million primary and secondary shares, including 46 million shares to cater for extra demand, at a maximum price of P15.58 each.The offer price is expected to be finalized in November ahead of a possible listing in December. ‘We intend to use the offer proceeds for the expansion of our in-house commissary, working capital requirements, potential acquisitions and repayment of debt,’ the company said. Shakey’s in-house commissary supplies the bulk of its proprietary pizza dough and crust used to create its pizza. Shakey’s was first established in the United States in 1954. It first opened in the Philippines in 1975.In the Philippines the pizza chain holds the No. 1 position in the traditional full-service pizza chain and family-style casual dining categories.It had 177 stores all over the country as of June, with plans to expand in the greater Manila and provincial areas. Seven more stores are expected to open before the end of 2016, with 20 more new stores in the pipeline for 2017.Apart from the Philippines, the company also owns perpetual rights to the Shakey’s brand for the Middle East, Asia excluding Japan, and Malaysia, China, Australia and Oceania.The company is majority owned by the Po Family’s Century Pacific Group Inc. (CPG), parent company of Century Pacific Food Inc.CPG and GIC of Singapore’s sovereign wealth fund, partnered to acquire majority of the pizza business from the Prieto family, which continues to hold a minority stake in Shakey’s Philippines.Deutsche Bank AG had been appointed sole global coordinator and bookrunner for the deal, with BDO Capital and Investment Corp. and First Metro Investment Corp. as joint lead managers and underwriters.Xurpas unit Xeleb Technologies Inc. plans to sell 290 million shares at an indicative price of between P2.04 to P2.54 per apiece. At this price, the company expects to raise as much as P736.6 million. SB Capital is the sole underwriter, issue manager and bookrunner for the deal. The IPO shares will represent 19.68 percent of the company’s total outstanding capital stock.Xeleb plans to use the net proceeds for ongoing product development, regional expansion to Southeast Asia and for general corporate purposes.(c) 2016 Business Mirror Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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