MANILA -- Max's Group said Thursday it secured regulator approval for the merger of its subsidiaries, Teriyaki Boy Group and Yellow Cab Food Corp.
Teriyaki Boy will be the surviving entity after the merger, which was approved by the Securities and Exchange Commission, Max's told the stock exchange.
"The resulting transaction is part of continuing corporate reorganization activities to derive operational efficiencies and does not cause any adverse impact to existing shareholders," Max's Group told the stock exchange.
Teriyaki Boy was among the pioneers of value Japanese restaurant segment more than a decade ago. It has 16 outlets, mostly in Metro Manila.
Yellow Cab serves New-York style pizzas and has announced plans to expand to China, Kuwait, Bahrain, Oman, Egypt, Jordan, Vietnam, Brunei, Malaysia and Singapore.
Max's Group also operates Max's fried chicken restaurant, Pancake House and the Philippine outlets of Krispy Kreme and Jamba Juice.