PUBLICLY LISTED Max’s Group, Inc. (MGI) will expand its Yellow Cab Pizza chain overseas by penetrating the Chinese market with at least 15 branches slated to be opened over the next five years.
In a disclosure to the Philippine Stock Exchange (PSE) on Monday, MGI said that it has recently forged a development agreement with China-based ZhongFa Group.
The agreement states that the two parties will build at least 15 Yellow Cab Pizza stores in China within the next five years.
“We are thrilled with the opportunity of bringing our pizza to Beijing, Tianjin and parts of Hebei Province. We share the excitement with our partner, the ZhongFa Group, to serve our food offerings to the Chinese,” Max’s Group president and chief executive officer Robert Trota said.
This is the first development agreement signed by the casual restaurant operator for the year after forging five new international partnerships during the previous year.
Trota said that they are on track with plans to have at least 200 stores overseas by 2020.
“This is reflective of the strong interest in our brands. Last year, we were able to surpass targets in terms of signing up new markets abroad,” Trota said.
ZhongFa Group is engaged in the businesses of commercial real estate, electronic business and hotel management, with operations spanning across China, the Philippines, Kenya, Palau, Switzerland, and soon Canada.
ZhongFa is planning to expand into the food and beverage business in China through its latest vertical company JuYangYiTong, to bring well-known international brands into the China market.
“We believe the food and beverage industry in China has huge potential. With our newly established company JuYangYiTong, led by one of the ZhongFa family members, Mike Zhang, we plan to satisfy Chinese customers’ growing need for high-quality food and beverage products,” Guiping Wang, ZhongFa Group chief executive officer said.
“We are delighted to choose Yellow Cab Pizza as our first venture with MGI Group. Yellow Cab Pizza has everything that China’s customers are looking for – quality, service and ambiance,” Guiping said.
Yellow Cab operates 118 branches in the Philippines with six franchised outlets in Qatar.