Max’s Group to tap capital market
MANILA, Philippines—Pancake House Inc.— soon to be renamed Max’s Group Inc. with the infusion of more restaurant assets—is set to tap the local capital market with an offering of as much as 300.136 million common shares.
In a disclosure to the Philippine Stock Exchange on Wednesday, PHI said its board had approved a follow-on offering consisting of a mix of new shares as well as secondary shares to be sold by certain selling shareholders and wholly owned subsidiaries.
Of the total offer of 300.136 million common shares, up to 34.11 million will consist of new shares to be issued out of the corporation’s authorized and unissued capital stock.
On the other hand, there will be up to 204.64 million secondary shares to be sold by certain wholly owned subsidiaries and up to 61.39 million shares to be unloaded by certain selling shareholders.
The equity deal will be conducted through a public offering. The board has approved the filing of a registration statement for the follow-on offer at the Securities and Exchange Commission alongside an application for the listing of the new shares that form part of the offer with the Philippine Stock Exchange.
Earlier, the board approved a change in the name of the company to Max’s Group. Subject to the approval of the change of name by the stockholders and the Securities and Exchange Commission, its trading symbol on the local bourse will be changed from “PCKH” to “MAXS”.
On June 30, Pancake completed a P4-billion combination with the Max’s Group of companies, the flagship business of its new controlling shareholder. This will effectively result in the backdoor listing into Pancake, of Max’s Restaurant, Max’s Corner Bakery, Krispy Kreme and Jamba Juice to the brands that the company continues to own and operate, namely: Pancake House, Yellow Cab, Le Coeur de France, Dencio’s, Teriyaki Boy, Singkit, Sizzling Pepper Steak, Kabisera, the Chicken Rice Shop and Maple.
After the announced transaction, the company will have a network of 500 outlets in the Philippines and 25 outlets internationally.
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