MANILA, Philippines - Pancake House Inc. is changing its name to Max’s Group Inc. to reflect the latter’s takeover of the listed casual dining chain.
In a disclosure, Pancake House said following a regular meeting, its board of directors “approved the change of name of the company to Max’s Group and the corresponding amendment to the amended articles of incorporation of the company.”
The board also approved the change in the trading symbol of Pancake House on the Philippine Stock Exchange to MAXS from the current PCKH, it added.
The amendments are up for approval of shareholders and the Securities and Exchange Commission.
Early this month, the Max’s Group was folded into Pancake House Inc. in a P4-billion reverse acquisition that cemented the group’s position as the largest casual dining chain in the Philippines.
Last December, Pancake House Holdings Inc. sold all its Pancake House shares to Max’s Group for P2.98 billion. Max’s Group then conducted a tender offer, allowing it to secure 89 percent of Pancake House.
The acquisition allowed Max’s Group to increase its brands to 14, adding the likes of Pancake House, Teriyaki Boy, Dencio’s, Yellow Cab and Kabisera to its fold. Prior to the deal, Max’s Group carried Max’s Restaurants, Max’s Corner Bakery, Krispy Kreme and Jamba Juice.
As of end-March this year, the listed firm had 310 co-owned and franchised stores: 114 Pancake House, 15 Dencio’s Bar and Grill, 37 Teriyaki Boy, 16 Sizzlin’ Pepper Steak, 14 Le Coeur de France, two Chicken Rice Shop, 109 Yellow Cab and three Maple.
In the first quarter, its net income slipped nearly a quarter to P31.75 million from P41.56 million a year ago due to costlier operations and more expensive raw materials. Consolidated revenues rose 4.81 percent to P926.73 million from P884.19 million.