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Tuesday, June 10, 2014

Pancake House to increase capital

Pancake House Inc is beefing up its capital in preparation for future share issuances.

In a disclosure to the Philippine Stock Exchange, the listed casual dining restaurant operator said it will increase its capital stock to P1.4 billion from P400 million.

The capital stock hike will create an additional 740.79 million authorized and unissued shares that will be “readily available for issuance by the company if and when deemed necessary and appropriate by its board of directors,” Pancake House said.

“We plan on infusing more resources to our brands to keep them relevant in an increasingly competitive landscape. At the end of the day, our surest path to business success and consumer loyalty is a strong commitment to quality and service,” Robert Trota, president and chief executive officer of Pancake House, said in a statement.

The capital stock hike will also support its declaration of a 100 percent stock dividend amounting to 259.21 million common shares at a par value of P1 per share, or one share for each share held, from the unrestricted retained earnings of the firm at end-2013.

Pancake House has yet to determine the record and payment dates for the stock dividend declaration.

In February, the Max's Group completed the takeover of Pancake House, acquiring 89.95 percent of the listed firm's outstanding capital stock.

PHI operates restaurant brands, namely, Pancake House, Dencio's, Kabisera ng Dencio's, Teriyaki Boy, Sizzlin' Pepper Steak, Le Coeur De France, The Chicken Rice Shop, Maple and Yellow Cab.

Aside from the Filipino heritage brand that started in 1945, Max's has brought the popular international brands Krispy Kreme and Jamba Juice to the Philippines.

Pancake House posted a net income of P29.7 million in the first quarter of 2014, down from P40.55 million in the prior year.

- Interaksyon

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