Max’s OKs P350-M share buyback plan

MANILA, Philippines – The Max’s Group Inc. has approved a two-year share buy back program amounting to P350 million.

In its disclosure, the company said received the green light from its board to implement a two-year share buy back program.

“This is in line with the corporation’s cash management activities seen to benefit shareholders in the long-term. At today’s closing price of P14.54 per share,  the amount of P350 million is equivalent to approximately 2.2 percent of the firm’s  total outstanding shares,” Max’s said.

Companies have been buying back shares since last year amid the ongoing market volatility, which has pulled down share prices. These include Bloomberry Resorts Corp., International Container Terminal Services Inc., Energy Development Corp., Splash Corp., Phinma Corp. Vista Land and Belle Corp.

Analysts said many companies are buying back shares to take advantage of the low price environment.

The Max’s Group is pursuing its expansion with the planned opening of 60 to 80 new stores across all its brands, both locally and overseas. This is in line with its goal to have 1,000 stores by 2020.

It recently signed an agreement with China-based partners JuYangYiTong of the Zhongfa Group to build at least 15 Yellow Cab Pizza stores in China within the next five years.

Brands under the Max’s Group also include Pancake House, Yellow Cab, Teriyake Boy, Dencio’s, Kabisera ng Dencio’s, Sizzlin’ Steak, Le Coeur de France and Maple.

 It is the Philippine franchise holder of Krispy Kreme, Sizzling Steak and Jamba Juice.