JOLLIBEE Foods Corp. (JFC) saw its shares plunge to a new low last week following news that it was acquiring The Coffee Bean & Tea Leaf, which was operating at a two-year loss.
Last Thursday, the listed fast-food giant recorded its biggest one-day loss of 8 percent and hit a fresh 52-week low of P231 after announcing the day before it was taking over the Los Angeles-headquartered coffee chain for $350 million (P18 billion). This resulted in Jollibee’s stock price tumbling by 10 percent week-on-week from P279.80 on July 19 to P252 last Friday.
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