A. Soriano Corp. (Anscor) of businessman Andres Soriano III, has sold its entire minority stake in TBG Food Holdings, Inc., better known as The Bistro Group, to Inoza Business Holdings, Inc. for P1.914 billion.

In a stock exchange disclosure on Thursday, Anscor confirmed that the cash deal was completed on 1 October.

The transaction allows the company to realize gross annualized returns of over 25 percent on its investment in TBG through a combination of capital gains and distributions.

The transaction marks a profitable exit for Anscor, which reported gross annualized returns of over 25 percent on its investment in TBG through a mix of capital gains and distributions.

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

Anscor also assured stakeholders that the sale is expected to have minimal impact on its business and financial operations.

TBG operates more than 200 full-service restaurants across 23 brands in the Philippines, including well-known names such as Italianni’s, TGI Friday’s, and Texas Roadhouse. 

Inoza, linked to Progeny Global Holdings Inc., invests in agribusiness, food manufacturing, and limited-service restaurants. Locally, Progeny operates the Bounty Fresh brand and LSR chains including Chooks-to-Go and Uling Roasters.