Max’s Group buys out minority shareholders of Teriyaki Boy Group
Max’s Group Inc. has bought the remaining one million shares held by the minority shareholders in Teriyaki Boy Group Inc. in cash to take full control and ownership.
In a disclosure to the stock exchange, Max’s Group said it “has signed definitive agreements to acquire the entire equity interest of minority shareholders in Teriyaki Boy Group Inc. which owns and operates the brands Teriyaki Boy and Sizzlin’ Steak.”
The board of directors of Max’s Group approved the purchase of the remaining 30 percent of the Teriyaki Boy Group on March 31.
The company said it bought the shares in cash for less than P121 million, or less than one percent of Max’s Group’s total assets as of the end of December 2016.
The shares were bought from I-Foods Investment and Holdings Company Inc., Bryan Tiu, Khatrine Tiu, and Jose Bernas.
With Max’s Group now owning 100 percent of the Teriyaki Boy Group, it can now fully consolidate its operations and systems. It now also owns the brands Teriyaki Boy and Sizzlin’ Steak.
Just before the buy-out, minority shareholders of Teriyaki Boy Group of diverting P800 million from the company to sister companies under the Max’s Group.