MAX’S TO REPURCHASE MORE SHARES

MAX’S Group Inc. plans to repurchase a maximum of additional P500 million worth of shares.

In a disclosure on Friday, the casual dining chain best known for its fried chicken said it would extend its shares buyback program by two years.

This will cover the period between March 14, 2020 and March 13, 2022.

On March 16, 2016, Max’s Group launched a two- year shares buyback program to reacquire P350 million of its stocks.

Earlier, Max’s announced that it had earmarked P1 billion as capital expenditures this year, the bulk of which is allocated for the construction of a new commissary that would service all its brands.

Last year, it launched its first multibrand site in Quezon City, housing the following brands: Max’s Restaurant, Yellow Cab, Pancake House, Krispy Kreme, Jamba Juice and Teriyaki Boy.

Max’s Group Chief Operating Officer Robert Trota said that this store model allowed the firm to save up to 40 percent in costs to build and 3 to 5 percent in labor expenses as all the brands are sharing “one roof” and operating with one kitchen.

With this set up, he said that utilities would also be used more efficiently, in addition to the potential cost-saving due to the solar panel installation.

The group eyes to open two to three stand- alone multibrand sites in Metro Manila this year.

The Max’s Restaurant operator saw its net income improve by 9.8 percent to P494.77 billion in the first nine months of 2019 from P450.56 million in the same period in 2018 on the back of strong sales growth.

System-wide sales rose by 5.7 percent to P14.55 billion, while restaurant sales inched up by 3 percent to P8.53 billion.

Max’s shares rose by 2 centavos or 0.20 percent to close at P10 each on Friday.