SUMMARY
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SM Investments Corporation (SMIC) is increasing its shares in bakery chain Goldilocks Bakeshop, as it announced its plan to acquire a majority stake in the company.
“This acquisition will increase SMIC’s current shareholding in Goldilocks to approximately 74% of the outstanding voting capital stock, making Goldilocks a subsidiary of SMIC,” the conglomerate told the local bourse on Wednesday, August 4.
No other details were provided, including the acquisition cost.
In 2018, SMIC acquired a 34% stake in Goldilocks. Months before that, the deal to fully acquire the bakery chain was scrapped due to “changes in the marketplace.”
Goldilocks offers cakes, pastries, and other food and beverage items. It has more than 600 stores nationwide. – Jezreel Ines/Rappler.com
Jezreel Ines is a Rappler intern. He is a journalism student at the University of the Philippines Diliman.
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