On October 1, 2025, A. Soriano Corporation (Anscor) disclosed that it has executed a Deed of Sale with Inoza Business Holdings, Inc. (“Inoza”) for the divestment of Anscor’s entire minority stake in TBG Food Holdings, Inc. (“TBG”) for a total consideration of PHP1,914,000,000.00.
The transaction marks the full value realization of Anscor’s investment in TBG. Anscor realized gross annualized returns greater than 25% on its investment in TBG, through a combination of distributions and capital gains.
TBG, widely known as The Bistro Group, is one of the Philippine’s leading premium casual dining operators in the Philippines. It owns and operates over 200 full-service restaurants across 23 brands, including iconic names such as Italianni’s, TGI Friday’s, and Texas Roadhouse.
“Anscor extends its best wishes to the Bistro and Inoza teams. We are confident they will continue delighting Filipino consumers with their quality dining experiences for many years to come,” the Company said in a statement. “We look forward to seeing their continued success”.