Berjaya Phils. trims investment in Papa John's pizza

Publicly listed Berjaya Philippines Inc., formerly Prime Gaming Philippines Inc., is reducing its planned ownership in a newly incorporated firm that will operate in the country the US-based pizza chain, Papa John’s. In a disclosure Monday, Berjaya Philippines said it would subscribe to only 30 percent of Berjaya Pizza Philippines Inc., downsized from an earlier 65 percent. It did not say why. This will prompt partners Kailash PMN and Berjaya Pizza Co. Sdn Berhad of Malaysia to take a 30 percent and 40 percent stake, respectively, in Berjaya Pizza. The firm earlier said Berjaya Pizza Philippines would have an authorized capital of P200 million. Berjaya Philippines is entering the fast-food business after acquiring a 212-room hotel located at the corner of Eduque Street and Makati Avenue in Makati City, which was previously operating under the Best Western Hotel brand. Tan Eng Hwa, Berjaya Philippines treasurer, said the company intends to open its Papa John’s pizza outlet next November. The company plans to open 20 branches in the Philippines over the next two years, all company owned, he added. Berjaya Philippines, which owns Luzon’s exclusive lotto systems provider, is 68-percent owned by Berjaya Lottery Management Ltd. Hong Kong, a part of Malaysia’s Berjaya Sports Toto Bhd. —Jesse Edep/VS, GMANews.TV