President Chain Store Corp. of Taiwan in increasing its stake in the Philippine Seven Corp., the local operator of 7-Eleven stores in the country.

PSC Chairman Vicente Paterno told reporters after the company’s annual stockholders’ meeting that he would meet with PCSC officials next month to discuss the planned investment.

“We will discuss clearly their plans for PSC over the long-term period because we cannot continue to rely on borrowing because our debt to equity rate is above 1:1,” Paterno said.

Other PSC investors have not responded to the plan, however, Filipino shareholders have the option to match the additional capital to maintain their equity stake of face dilution.

Filipino shareholders include Paterno and former finance secretary Jose Pardo, who each owns 12 percent, and businessman Jorge Araneta, who controls 10 percent share. 

Paterno said it was timely to discuss the additional capital after the company finally registered a profit.