Pangilinan-led group takes over Burger King franchise from Ayala

Conglomerate Ayala Corp. has sold its Burger King fastfood chain in the Philippines to BK Titans Inc. for an undisclosed amount, completing its exit from the food industry and allowing it to focus on its core businesses.

In a disclosure to the Philippine Stock Exchange, Ayala Corp. said it had transferred its majority ownership in PFN Holdings Corp. to BK Titans, a company organized by a group of Filipino businessmen led by Manuel V. Pangilinan, chairman of telecommunications giant Philippine Long Distance Telephone Co.

PFN fully owns Perf Restaurants Inc., a franchisee of BK Asiapac Pte Ltd

"The sale of PFN is consistent with Ayala’s strategy to focus on its core businesses which include real estate, financial services, telecommunications, utilities and electronics," the company said in a statement.

Ayala Corp. exited the food business in 2001 when it sold Pure Foods Corp. to San Miguel Corp., but the Burger King business was not part of that transaction. Since that time, Ayala and BK Asiapac had been looking for a buyer for Burger King.

BK Asia-Pacific said it welcomes the entry of BK Titans.

"We look forward to working together with BK Titans towards strengthening the Burger King franchise in the Philippines. We are confident that the strength of the Burger King brand, world renowned for our flame-broiled Whopper, combined with the passion and commitment of the principals of BK Titans will provide the foundation for future growth," said BK Asiapac president Peter Tan.

Burger King operates more than 11,000 restaurants in all 50 states of the US and in more than 65 countries and US territories worldwide. Since it was founded in Miami in 1954, the Burger King brand has become internationally-recognized for its distinctive flame-broiled taste.