Holding firm A. Soriano Corp. (Anscor) has sold its 22-percent stake in casual dining chain operator The Bistro Group to the Cheng family for P1.91 billion.
In a regulatory filing on Thursday, Anscor said it had sold its shareholding in TBG Food Holdings Inc. to Inoza Business Holdings Inc., a newly established holding firm affiliated with Progeny Global Holdings Inc.
Progeny, owned by the Cheng family, owns integrated poultry producer Bounty Fresh and limited-service food retailer like Chooks-to-Go and Uling Roasters. The transaction represents value realization by Anscor of its investment in TBG, Anscor said in its disclosure.
New principal
Anscor had acquired a minority stake in the casual dining group in 2024 while the Chengs gained majority control this year. ‘Anscor extends its best wishes to the Bistro and Inoza teams. We are confident they will continue delighting Filipino consumers with their quality dining experiences for many years to come, and we look forward to seeing their continued success,’ it added.
The Philippine Competition Commission approved Inoza’s plan to acquire a majority stake in TBG in August. This was after considering the impact of the deal on the nationwide supply of chicken meat, table eggs, pork and beef. TBG’s brands include Italianni’s, TGI Fridays and Texas Roadhouse. /dda