PHILIPPINES: Pancake House sells stake in subsidiary to fund new business venture
Filipino-owned restaurant company Pancake House (PH) has sold 30% of its interest in the newly formed subsidiary Pancake House Products Inc (PHP) for P30m (US$0.58m). PH has released a disclosure that revealed that the stake, consisting of 75,000 shares, was sold to Jennifer Chua. The deal will be closed by the end of this year, but completed in two tranches of 15% each.
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