The Securities and Exchange Commission (SEC) has cleared the share sale of Max's Group Inc, its first fundraising in the stock market since taking over Pancake House Inc.
In a text message, SEC commission secretary Gerard Lukban said the corporate regulator approved the P4.6-billion equity offering of the homegrown casual dining restaurant operator in a meeting today.
Documents from the SEC show Max's will sell 300.14 million shares at P15.33 apiece or 155.93 million shares at P29.50 each. However, the listed firm recently announced the reduction in the maximum price of its share sale to P21.75 per share.
BPI Capital Corp was tapped as bookrunner, issue manager and lead underwriter for the transaction.
Net proceeds from the primary component of the offering will fund the expansion of stores and commissaries, working capital and other general corporate purposes. Proceeds from the secondary share sale will be used to settle a portion of the debt incurred to pay for the acquisition of a controlling interest in Pancake House.
Max’s completed the takeover of Pancake House in February, acquiring 89.95 percent of the listed firm's outstanding capital stock to become the biggest player in the local casual dining restaurant category with an aggregate market share of 28.3 percent in terms of sales value for 2013.
In August, the SEC approved the capital stock hike of Pancake House, allowing the Max's Group of Companies to fold all its restaurant business under the listed firm. It now owns Max's Restaurant, Max's Corner Bakery, Krispy Kreme, Jamba Juice, Pancake House, Dencio's, Kabisera ng Dencio's, Teriyaki Boy, Sizzlin' Pepper Steak, Le Coeur De France, The Chicken Rice Shop, Singkit, Maple and Yellow Cab.
Brands under Pancake House suffered losses of P31.36 million in the first nine months of the year, a reversal of the net income of P116.11 million a year ago, as the Max's Group streamlined operations following its takeover early this year.
- Interaksyon
In a text message, SEC commission secretary Gerard Lukban said the corporate regulator approved the P4.6-billion equity offering of the homegrown casual dining restaurant operator in a meeting today.
Documents from the SEC show Max's will sell 300.14 million shares at P15.33 apiece or 155.93 million shares at P29.50 each. However, the listed firm recently announced the reduction in the maximum price of its share sale to P21.75 per share.
BPI Capital Corp was tapped as bookrunner, issue manager and lead underwriter for the transaction.
Net proceeds from the primary component of the offering will fund the expansion of stores and commissaries, working capital and other general corporate purposes. Proceeds from the secondary share sale will be used to settle a portion of the debt incurred to pay for the acquisition of a controlling interest in Pancake House.
Max’s completed the takeover of Pancake House in February, acquiring 89.95 percent of the listed firm's outstanding capital stock to become the biggest player in the local casual dining restaurant category with an aggregate market share of 28.3 percent in terms of sales value for 2013.
In August, the SEC approved the capital stock hike of Pancake House, allowing the Max's Group of Companies to fold all its restaurant business under the listed firm. It now owns Max's Restaurant, Max's Corner Bakery, Krispy Kreme, Jamba Juice, Pancake House, Dencio's, Kabisera ng Dencio's, Teriyaki Boy, Sizzlin' Pepper Steak, Le Coeur De France, The Chicken Rice Shop, Singkit, Maple and Yellow Cab.
Brands under Pancake House suffered losses of P31.36 million in the first nine months of the year, a reversal of the net income of P116.11 million a year ago, as the Max's Group streamlined operations following its takeover early this year.
- Interaksyon
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