By Leslie D. Venzon
MANILA, Dec. 12 (PNA) — Listed Max Group Inc., the country’s largest casual dining restaurant chain, will put up at least 77 new stores across all brands in the country and overseas next year as part of its aggressive expansion binge.
Dave Fuentebella, chief financial officer of the Max’s Group, said the company will put up 68 new stores across all brands in the country next year, on top of the current 498 stores.
“We really feel that because the economy is trending upwards, it’s hitting the emerging middle class which where we are strategically situated. We see a lot more people with spending power,” he told reporters following its holding of Php3.5-billion follow-on offering at the Philippine Stock Exchange (PSE) on Friday.
Max’s, formerly Pancake House Inc. (PCKH), owns, operates and markets 11 brands including Max’s Restaurant, Krispy Kreme, Jamba Juice, Pancake, Maple, Yellow Cab Pizza, Teriyaki Boy, Le Coeur de France, The Chicken Rice Shop, Dencio’s and Sizzlin’ Steak.
Overseas, Max’s Group President Robert Trota said the company will establish at least nine new stores across various brands.
Trota said it will open two Max’s and Yellow Cab pizza restaurants in the United States and Canada, five Max’s restaurants in the Middle East and two Pancake House restaurants in Malaysia
He said they are keen to expand in ASEAN market, noting the huge business opportunities it offers.
“Right now, there’s Pancake in Malaysia, we just opened in Brunei. And I think with the expansion mode, we feel that the ASEAN market will have better approach for Pancake and even Yellow Cab. Max’s is also there; we are looking at Indonesia, Singapore. There are inquiries, so we’re just assessing for Max’s,” he added.
Meanwhile, Max’s Group earlier said the bulk, or Php3 billion, of the Php3.5-billion gross proceeds from the offering would be used to reduce debt obligations incurred for the acquisition of Pancake House Inc.
The company said the remaining amount would be applied to expand the current store network and fund capital expenditure.
“We have raised sufficient (funds) to pay off our debt and for capex (capital expenditures) for 2015 moving forward,” Trota said. (PNA)