Anscor sells 22% stake in Bistro Group

A. Soriano Corp. (Anscor) has divested its minority stake in the operator of The Bistro Group (TBG) for P1.91 billion after less than a year. Anscor said it had realized high gains from its investment in the restaurant group.

In a regulatory filing on Thursday, Anscor said it had executed a deed of sale with Inoza Business Holdings Inc. for its 22-percent stake in TBG Food Holdings Inc.

Inoza is a newly established holding firm affiliated with Progeny Global Holdings Inc. The latter operates Bounty Fresh and limited-service restaurants like Chooks-to-Go and Uling Roasters.

According to Anscor, it realized gross annualized returns “greater than 25 percent” on its investment in TBG.

Anscor bought a minority stake in TBG in November 2024 for P1.61 billion. This entailed a profit of more than P300 million.

“Anscor extends its best wishes to the Bistro and Inoza teams,” the company said. “We are confident they will continue delighting Filipino consumers with their quality dining experiences for many years to come and we look forward to seeing their continued success.”

The Philippine Competition Commission approved Inoza’s plan to acquire a majority stake in TBG in August. This, after considering the impact of the deal on the nationwide supply of chicken meat, table eggs, pork and beef.

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The Bistro Group currently owns and operates over 200 full-service restaurants across 33 brands. These include Italianni’s, TGI Fridays and Texas Roadhouse, all of which have a strong presence in the Philippines.

In the first semester of 2025, Anscor’s net income plunged by 65 percent to P1.19 billion. This was attributed to the decrease in market value of its investments. The firm’s revenues likewise slipped by 17 percent to P7.9 billion.

This is the second time Anscor has sold its minority shareholding in companies it had invested in.