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Conglomerate SM Investments Corp. is acquring more shares to have a controlling interest in Goldilocks Bakeshop Inc.
SMIC said in a disclosure to the stock exchange Wednesday the acquisition would increase the group’s shareholding in Goldilocks to about 74 percent from 34 percent. The deal will make Goldilocks a subsidiary of SMIC.
No other details were disclosed.
SMIC initially acquired 34-percent stake in Goldilocks in 2018.
Established in 1966, Goldilocks grew from a small bakery in Makati City to become one of the country’s largest bakeshops with over 400 stores here and abroad.
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