Operator of Marios chain of restaurants files for IPO MANILA – The owner of Gweilos bar and Marios Kitchen is gearing up for the sale of its shares to the public. In a prospectus filed with the Securities and Exchange Commission (SEC), Gweilo Corp said it is selling 75 million primary common shares, representing 47 percent of its outstanding and issued common shares, at an offer price of P1 per share. The shares will be listed on the Small, Medium and Emerging Board of The Philippine Stock Exchange (PSE). Asian Alliance Investment Corp was tapped as the issue manager and lead underwriter of the offering. Net proceeds of P66.22 million from the initial public offering (IPO) will be used to finance the expansion and renovation of company-owned outlets, implementation of catering service, adoption of a unified management information system, and payment of advances to its shareholder. The expansion program will enable Gweilo to achieve increased profitability and market penetration in the restaurant and food industry. Established in 2001, Gweilo owns 11 brands, including the Gweilos bar and Mario’s Kitchen restaurant chains in Metro Manila. Gweilo acquired Marios Kitchen, an offshoot of the popular Mario’s restaurant chain known for its Spanish cuisine, from the Benitez family in 2007. It has four branches located in Makati, Pasig, Mall of Asia in Pasay City and Katipunan Avenue Extension in Quezon City. Marios Kitchen will expand its store network using the proceeds from the IPO, adding four branches in Metro Manila and one in La Union. The PSE is encouraging small-sized and emerging companies to join the stock market following last years successful maiden share sale of DoubleDragon Properties Corp and Xurpas Inc, both of which outperformed the broader market in 2014. Profriends Group Inc is set to debut in the local bourse this year, while Green Power Panay Philippines Inc and Crown Asia Chemicals Corp are awaiting regulatory approval to launch their first-time equity offering. interaksyon/business/102459/operator-of-marios-chain-of-restaurants-files-for-ipo 01/06/2014
Posted on: Wed, 07 Jan 2015 03:13:20 +0000
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