Pancake House to fund 100% stock dividend by raising authorized capital to P1.4B

Pancake House Inc., a restaurant chain majority owned by Max's Group of Companies, is raising its authorized capital stock to P1.4 billion from P400 million in order to put in place a 100 percent stock dividend.

 

The stock dividend approved by the Pancake House board of directors covers 259.210 million common shares at a par value of P1 apiece, the company said in a disclosure to the Philippine Stock Exchange on Tuesday, noting shareholders on record will get a share for each share held.

 

“The increase in capital stock of the corporation from P400 million to P1.4 billion is to be funded by way of stock dividends declared,” the company said.

 

In February, Max's Group bought 198.841 million Pancake House shares or 76.71 percent of the restaurant chain. – VS, GMA News