Max’s Group Inc (MGI; PSE:MAXS) intends to penetrate a major food and beverage hub in Southeast Asia – Singapore – by opening Yellow Cab Pizza stores in the city-state.
MGI recently sealed a development agreement with Pagh Pte Ltd to build at least 5 Yellow Cab Pizza stores in Singapore.
“We are thrilled with the opportunity to bring Yellow Cab Pizza in a highly strategic market such as Singapore. We are confident that our mainstream offerings and value proposition will allow us to stay competitive alongside some of the biggest global food names,” said Max’s Group President and CEO Robert F. Trota.
This is the fourth development inked by MGI for 2016, translating to a total of 116 international stores set to open over the next few years.
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MGI envisions operating a network of at least 200 outlets overseas by 2020.
“We found the right partner in Pagh Pte Ltd for this venture. We can rely on their focus and determination to deliver best quality products and geniune service to Singaporeans,” Trota added.
Yellow Cab Pizza Will Be Singaporean’s Place of Choice
Pagh Pte Ltd is a family-owned company set up primarily to invest in the casual dining business.
“We recognise that Yello Cab Pizza offers a different more exciting experience than the brands currently now on offer in Singapore. Singaporeans are discerning in their food experience. We are therefore confident that Yellow Cab Pizza will be the Singaporean’s place of choice for American Italian casual dining,” said Pagh Director Tiara K. Chopra.
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Yellow Cab currently operates a network of 135 branches including 6 franchised outlets located in Qatar and 1 in UAE. Plans are ongoing to open its flagship store in Beijing and Changsha as well as a pilot branch in Hawaii.
At the Philippine Stock Exchange, Max’s Group Inc (PSE:MAXS)’s stock dropped 0.23 percent in today’s trading despite the latest news about its investment in Singapore.
A total of 460,800 MAXS shares were traded with a value of Php10 million. MAXS ended the day at 21.90 a share. – BusinessNewsAsia.com