JOLLIBEE Foods Corp. (JFC) has taken full control of Mang Inasal Philippines Inc. by acquiring the remaining 30 percent stake it did not own for a purchase price of P2 billion.
In a disclosure to the Philippine Stock Exchange (PSE), Jollibee said it has acquired the remaining 30-percent stake in Mang Inasal Philippines Inc. (MIPI) from owners Edgar Sia and Ferdinand Sia of Injap Investments Inc. for a consideration of P2 billion, which will be paid in cash.
“This is in line with the terms of the Shareholders’ Agreement executed in 2010,” JFC told PSE.
With the acquisition, JFC now owns 100 percent of MIPI.
Jollibee said the purchase of the shares will have the effect of making the board of directors of MIPI completely composed of representatives from JFC.
Nonetheless, Jollibee assured its stockholders and MIPI employees that the complete buyout will not affect the business conduct and direction of Mang Inasal.
“The JFC group of companies will also continue its strong business relationship with the business group of Edgar Sia 2nd, primarily DoubleDragon Properties Corp.,” Jollibee said.
As a result, Jollibee said that DoubleDragon, the joint venture between JFC and the Mang Inasal founders, will continue to develop the Jollibee Tower office building, the units of which will be respectively owned by JFC and DoubleDragon.
JFC currently operates the largest food service network in the country consisting of 2, 493 fast food restaurants as of end-March this year. Its network comprises 924 Jollibee outlets, 445 Chowking restaurants, 236 Greenwich stores, 370 Red Ribbon outlets, 458 Mang Inasal restaurants, and 60 Burger King stores.
Overseas, JFC operates 650 stores in China, the United States, Vietnam, Brunei, Saudi Arabia, Qatar, Kuwait, and Hong Kong, to name a few.
JFC also has a 50 percent interest in joint ventures with Highlands Coffee, Pho 24, and Hotpot, and has a 40 percent stake in Smashburger which has 361 outlets, mostly in the US.