MANILA, Philippines — The Philippine Competition Commission (PCC) has approved the proposed acquisition by agribusiness firm Inoza Business Holdings Inc. of a majority stake in restaurant operator TBG Food Holdings Inc..
In a statement, the PCC said there are no competition issues seen in the transaction.
The PCC assessed the potential impact of the transaction on the nationwide supply of chicken meat, table eggs, pork and beef to the food service industry.
It said the parties have limited market shares and there are enough alternative suppliers in the market.
“The approval is expected to support continued competition in the food service and agribusiness sectors, while enabling strategic growth for both Inoza and TBG Holdings,” the PCC said.
Inoza is a newly formed holding company affiliated with Progeny Global Holdings Inc., which is engaged in agribusiness, food manufacturing and limited-service restaurants.
Progeny operates the Bounty Fresh brand, as well as limited service restaurants Chooks-to-Go and Uling Roasters.
TBG Holdings, meanwhile, owns and operates full-service restaurants under The Bistro Group including Italianni’s, TGI Fridays and Texas Roadhouse.
There are 28 concept stores and 214 branches under TBG Holdings.
The PCC is mandated under the Philippine Competition Act to review mergers and acquisitions to ensure these do not restrict competition and harm consumer welfare.
Last year, the PCC reviewed 17 transactions worth P784 billion.