On Mon, Nov 7, the Max’s Group announced it would open at least 22 Yellow Cab stores in Kuwait, Bahrain, and Oman within five years starting January 2017 as it pursues an aggressive overseas expansion.
The restaurant operator told the stock exchange that it signed a development agreement with Silver Group to further expand its presence in the Gulf region.
“Our international business has been scaling up quite aggressively with Yellow Cab Pizza emerging as the most coveted brand,” Robert Trota, Max’s Group president said.
The deal with Silver Group is the seventh overseas franchise contract signed by Max’s this year, bringing to 153 the number of restaurants set to open in the coming years.
Yellow Cab has a network of 145 branches including seven franchised outlets in Qatar, one in UAE, and two in China. There are also plans to open stores in Singapore, Hawaii, Jordan, and Egypt.
Max’s Group shares were down 1.67 percent to PHP26.55 on Mon, Nov 7. It reported last week that nine-month net income rose 3 percent to PHP380.56 million.
This story first appeared on ABS-CBN News Online and is republished with permission.
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