Processed food conglomerate Century Pacific Food Group is set to exit the Philippines-based owner of the local Shakey’s pizza franchise when it lists on the stock exchange, Reuters reported on Tuesday.

Shakey’s Pizza Asia Ventures (Spavi) aims to raise P3.96bn ($79.7 million) when it lists on the Philippine Stock Exchange on December 15. Shares in Spavi will be sold at P11.26 each, Eduardo Francisco, president of Spavi’s financial adviser BDO Capital and Investment, told Reuters.

The initial public offering will provide an exit…

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