Max’s Group, subsidiary No Bia ink P2-B loan agreements with DBP

Max’s Group Inc. (MGI) on Tuesday said it signed two term loan agreements with the Development Bank of the Philippines (DBP) cumulatively valued at P2 billion.

Its wholly-owned subsidiary, No Bia Inc., also signed a term loan agreement with state-owned DBP.

In a regulatory filing submitted by assistant compliance officer Miren Cueto, Max’sGroup said it has executed a P1-billion, five-year term loan agreement with the bank.

“The proceeds will be used to refinance the company’s existing short-term loans to mitigate financing costs and to fund general corporate requirements.”

On the other hand, subsidiary No Bia executed a P1-billion, 10-year term loan agreement also with DBP.

No Bia will fund the construction and commissioning of a commissary and distribution center in Carmona, Cavite that will service all business units of Max’s Group. “The loan is secured by a suretyship extended by MGI.”

Max’s Group consists of homegrown and international brands such as Max’s Restaurant, Pancake House, Yellow Cab, Krispy Kreme, Sizzlin' Steak, Teriyaki Boy, Dencio’s, Kabisera, Maple, Jamba Juice, and Eats. —Jon Viktor Cabuenas/VDS, GMA News