LISTED Shakey’s Pizza Asia Ventures Inc. improved week-on-week following its announcement of the investment of Gokongwei-led firm JE Holdings to the company.

The shares of the chained fullservice restaurant inched up by 2 centavos or 0.25 percent to P7.95 apiece on Friday, prompting it to climb by 7.43 percent on a weekly basis.

AAA Equities head of research Christopher Mangun said the shares of Shakey’s ended as “one of the best performing stocks” last week.

“Reports of the Gokongwei family taking a substantial stake at a premium stirred some excitement among investors,” Mangun explained in a text message.

Shakey’s last week announced the entry of JE Holdings to its list of shareholders beginning June this year.

The firm is set to infuse P1.25 billion to Shakey’s in exchange for newly issued shares, which will result in an approximately 9-percent ownership stake in the company.

This equates to a purchase price of P8.20 per share, a 10-percent premium over the company’s latest stock price and 14.6-percent higher than the latest 45-day volume weighted average.

“The fact that the buy in was set at P8.20 per share signaled that it is undervalued, which investors took advantage of,” Mangun said.

Meanwhile, Mangun sees the stock to continue higher this week despite weaker revenues due to tighter restrictions.

The company’s profit in January to March dropped 75 percent to P29 million from P114 million in the same period last year, while its systemwide sales declined by 28 percent to P1.67 billion from P2.31 billion year-on-year.

Its net revenue for the quarter stood at P1.28 billion, also down 30 percent from P1.84 billion in the same period last year.