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).
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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.
PH plans to retain a 60% stake in PHP. The disclosure revealed the company’s intention to use the proceeds of the current sale to finance its new packaged food business, and the remaining 10% stake in PHP will also be sold to investors to raise start-up capital for the business.
