MANILA - Shakey's Pizza Asia Venture Inc. is set to pursue its first overseas venture in Kuwait, its president and chief executive Vicente Gregorio said.
The company signed on Thursday a franchise agreement with Kuwaiti partners to open 10 Shakeys stores in Kuwait over the next seven years, Gregorio said.
The first store in Kuwait is expected to open next year, he added.
Shakey's Pizza Asia Venture also owns perpetual rights to the Shakey's brand for the Middle East, Asia except Japan and Malaysia, China, Australia, and Oceania.
"We will be opportunistic for each of the markets because we need to find the right partner. If don't find the right partner then we don't want to rush it," the company's chairman Christoper Po said.
Shakey's plans to raise as much as P3.96 billion for its expansion plans from the sale of 351.9 million common shares at P11.26 per share.