Formosa International Hotels Corp (FIH, 晶華國際酒店集團) yesterday said that its board had approved plans to sell all its shares in Pizzavest Co Ltd (達美樂披薩) to Australia-listed fast-food operator Dominio’s Pizza Enterprises Ltd for US$61.2 million.
The deal, scheduled to be completed in 90 days, would give FIH the financial means to stay competitive and safeguard the interest of employees and shareholders as the hospitality industry at home and abroad is hit hard by the COVID-19 pandemic, the Taipei-based company said.
Pizzavest, the operator of Domino's Taiwan, operates 157 corporate and franchised stores, and is the second-largest pizza chain in Taiwan. It generated a net profit of NT$68 million (US$2.46 million) last year despite the COVID-19 pandemic, making it an attractive acquisition target for Domino’s Pizza Enterprises in Australia, FIH said.
Photo: Reuters
FIH, which runs hotels under the Regent Taipei (台北晶華), Silks Place (晶英), Wellspring by Silks (晶泉丰旅) and Just Sleep (捷絲旅) brands across Taiwan, said it intends to focus on hotel management and brand franchising.
It also runs independent restaurants the Spice Market (泰市場), Just Italian (義饗食堂) and Just Grill Steakhouse.
It took over the operation of Domino’s Taiwan in 2007.
Domino’s Pizza Enterprises said it sees long-term potential for business growth in Taiwan, its 10th market, with plans to expand to more than 400 stores. The deal with FIH is to be funded by a combination of cash and debt, it said.
The Australian firm said it is seeking to enter more markets abroad, aiming to have 1,900 stores in Asia between 2030 and 2031, from 1,500 now.
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