Teriyaki Boy Group Inc. and Yellow Cab Food Corp., two of the restaurant chains under the country’s leading casual dining operator Max’s Group Inc. (MGI), are set to merge as part of groupwide efforts to unlock operational savings.
The merger has been approved by the Securities and Exchange Commission, Max’s Group told the Philippine Stock Exchange yesterday.
The deal does not cause any adverse impact to existing shareholders, MGI said. It also will not affect the branding of Teriyaki Boy and Yellow Cab.
“Brands will be operated separately under the same entity,” MGI investor relations chief Paul Cheah said.
In terms of footprint, Yellow Cab is the bigger business with 171 stores as of end-March while Teriyaki Boy has 31.—DORIS DUMLAO-ABADILLA