Yellow Cab to open pizza stores in Vietnam

Homegrown pizza brand Yellow Cab Pizza on Thursday said it has signed a development agreement to open at least 12 stores in Vietnam over the next five years in pursuit of a bigger slice of the global market.

In a filing on Thursday, parent Max's Group Inc. said it has partnered with Vietnamese food and beverage company Blue Star Food Corp. to put up stores in Vietnam.

With the recent agreement, MGI is slated to open 165 new outlets in the coming years.

"We are encouraged by the interest and results of our initial foray in Vietnam. This reaffirms the global mainstream appeal of some of our brands. As we prepare to launch Yellow Cab Pizza, we will constantly seek opportunities to broaden our reach within the region," MGI President and CEO Robert F. Trota said.

"We are very excited to partner with Max's Group, a company that has abundant experience not only in the Philippines but also in the international market. We are looking forward to working closely with MGI to bring the best quality pizza experience to Vietnam," Blue Star Food Corp. Nguyen Thanh Nam said.

Shares of MGI opened at P27.10 apiece on Thursday, down 1.27 percent from P27.45 at the close of trading on Wednesday. — Jon Viktor Cabuenas/VDS, GMA News