PANCAKE House Inc. (PHI), the largest casual dining chain, hasn’t planned out yet to boost its public float despite low daily trading volume.
This is amid the firm’s on-going expansion program. Martin Lorenzo, PHI chief executive officer, said that the company may not yet increase its public float even if the firm is “public but not yet fully traded.”
“Our float is just a minimum as required and even the volume hasn’t moved much. It’s [the shares]held very closely by our stockholders.
We’re happy with the dividends. We are happy with the growth moving forward,” Lorenzo specified.
“The shares don’t change much. Our stocks price has gone up from P8 to P12 but the volume is very little,” he added.
It was reported on Saturday that the listed casual dining group is beefing up its branch network for all of it store brands locally and globally this year with a target to end 2013 with 350 stores system-wide.
Lorenzo then said that the firm is planning to put up 30 stores this year locally and 20 new branches in the Middle East and Southeast Asia.
According to him, majority of the local stores that they are going to put up will be built outside Metro Manila such as in Cebu, Cagayan de Oro, Baguio, La Union and Palawan. Overseas, the group is set to open a Pancake House store in Brunei and one Yellow Cab in Singapore.
PHI is also looking at a 45-percent to 50-percent growth in its profit for this year which would be driven by same store sales.
The company has also earmarked P150 million for the roll out of new stores this year. This capital spending is higher than the P120 million the company spent in 2012.