SM Investments Corporation, owned by Henry Sy Sr., confirmed its plan for a potential investment with Goldilocks Bakeshop Incorporated, one of the largest bakeshop chain in the country.
SM corporate secretary Elmer Serrano told Philippine Stock Exchange (PSE) that the potential investment is still pending and subject to regulatory approval by the Philippine Competition Commission (PCC).
PCC is an independent quasi-judicial body tasked to maintain and regulate the market to ensure fair competition among consumers and businesses.
Meanwhile, SM and Goldilocks had their preliminary talks about the possible agreement last August 29, Tuesday.
SM continues its growth reaching a 9% growth in income during the first six months of 2017 as well as its conglomerates wherein 2GO Group Incorporated and Philippines Urban Living Solutions recently added to the list.
Photo credits: Wikimedia Commons
