SM Investments to increase stake in Goldilocks

Goldilocks Bakeshop Inc. will soon be under the wing of Sy-led conglomerate SM Investments Corp. (SMIC).

This after SMIC’s board of directors, in its August 4 meeting, approved the acquisition of a majority of the outstanding common shares of Goldilocks.

The company did not disclose other details, including the cost of the planned share purchase.

Nonetheless, it said the “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 listed firm currently owns 34% in Goldilocks when it decided to acquire only a minority share in the bakeshop chain in 2018, after it initially backed out of its plan, citing changes in the business environment. 

In the first six months of 2021, SMIC posted a net income of P20.1 billion, exceeding the P71 billion recorded in 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 investments in malls, as well as taking a majority stake in 2GO in our equity investment portfolio,” said SMIC president and CEO Frederic DyBuncio.

“We are hopeful that the recovery momentum continues as we see more Filipinos get vaccinated,” DyBuncio said.  —KBK, GMA News