LISTED conglomerate SM Investments Corp. (SMIC), which holds the businesses of magnate Henry Sy, confirmed on Tuesday it is considering investing in Goldilocks Bakeshop, Inc.
“SM Investments Corporation is in preliminary discussions for a possible equity investment, joint venture or other cooperation arrangement with Goldilocks Bakeshop,” the company said in a filing to the local bourse.
“However, the said potential investment is pending and subject to regulatory approval by the Philippine Competition Commission,” it added.
The Philippine Competition Commission is an independent quasi-judicial body established to promote and maintain market competition by regulating anti-competitive conduct.
Goldilocks Bakeshop is a well-known homegrown bakeshop founded by sisters Milagros Leelin Yee and Clarita Leelin Go and their sister-in-law Doris Wilson Leelin in 1966. The company now has operations in Canada, the US, and Thailand.
SMIC is one of the leading conglomerates in the country that has businesses in retail, banking, and property development.