Max's earmarks P800M for 2017 expansion

Max's Group Inc. has earmarked P800 million for capital spending to finance expansion plans this year.

"For 2017, we have allocated around P800 million in fresh capital to fund our store pipeline, commissary upgrades, including warehousing and distribution facilities and other support infrastructure," the casual dining operator said on Monday.

The company reported a 12-percent increase in bottom line to P561.7 million last year from the P501.4 million a year earlier on the heels of expansion overseas.

Max's signed seven agreements on area development last year, and opened 16 new overseas locations, with 141 more international locations now in the pipeline.

"Looking ahead, we maintain an optimistic view on the inclusive health of the Philippines and cross-border economies," the company said.

Max's earlier said the plan was to have 1,000 stores by 2020, of which 200 would be located overseas.

"I am convinced we are in a solid position to face the next set of challenges ahead," Max's President and CEO Robert F. Trota said during the company's annual stockholders' meeting in Quezon City. — VDS, GMA News