SM confirms investment talks with Goldilocks Bakeshop

SM Investments Corporation (SMIC) on Tuesday confirmed a likely investment or partnership deal with Goldilocks Bakeshop is in the works.

In a filing on the Philippine Stock Exchange, the Sy-led company said it is "in preliminary discussions for a possible equity investment, joint venture or other cooperation arrangement with Goldilocks Bakeshop."

Should the deal push through, Goldilocks will be part of the SMIC retail portfolio.

"However, the said potential investment is pending and subject to regulatory approval by the Philippine Competition Commission," SMIC said.

The antitrust body is mandated to review business transactions valued at P1 billion or more, a procedure that may take up to 90 days.

SMIC counts as subsidiaries SM Prime Holdings Inc, BDO Unibank Inc., The China Banking Corporation, Belle Corporation, Atlas Consolidated Mining & Development Corporation, and The Net Group, The SM Store, SM Supermarkets, SM Hypermarkets, SaveMore and Walter Mart Supermarket. — Jon Viktor Cabuenas/VDS, GMA News