Max's Group buys out Teriyaki Boy minority shareholders

Max’s Group Inc. (MGI) has bought the equity shareholdings of minority shareholders in Teriyaki Boy Group Inc. (TBGI) under a share purchase agreement and deed of assignment for 30 percent of TBGI.

The sellers were Jose A. Bernas, Bryan C. Tiu, Khatrine C. Tiu and I-Foods Investment and Holdings Company Inc., MGI noted in a disclosure to the Philippine Stock Exchange on Monday.

The deal covered 1,007,947 shares or 30 percent of the total outstanding shares of TGBI, with the purchase price of the shares paid in cash. "Total amount is less than 1 percent of MGI total assets," Max's noted.

"The acquisition was formalized through the execution of a share purchase agreement and an implementing deed of assignment," MGI said.

"As a result of the transaction, MGI now owns 100 percent of the issued and outstanding capital stock of TBGI," Max's said.

TBGI owns and operates the brands Teriyaki Boy and Sizzlin’ Steak.

"This transaction allows MGI to fully consolidate operations of the Teriyaki Boy and Sizzlin’ Steak restaurant systems under MGI," according to Max's.

Prior to the acquisition, MGI owned 70 percent of the outstanding capital stock of TBGI. — Ted Cordero/VDS, GMA News