Jollibee infuses P106 M in unit

Fastfood giant Jollibee Foods Corp. has infused nearly P106 million in additional capital in its subsidiary Bakers Fresh Foods Phil. Inc., the retail arm of the Delifrance bakeshop chain, to consolidate its holdings in the company and eventually pave the way for a more active participation of its foreign partner in the local retail sector.

In a disclosure to the Philippine Stock Exchange, JFC said it will subscribe to 105,922 shares of BFFPI at an issue price of P1,000 per share or a total amount of P105.922 million.

JFC corporate legal counsel Renato Montoya said the acquisition will firm up JFC’s 90 percent stake in BFFPI in line with the company’s increase in capital stock.

BFFPI operates the 19 existing outlets of Delifrance, which is a coffee and bakeshop franchise out of Singapore.

Montoya said the liberalization of the retail trade industry will augur well for its Singapore-based partner, Delifrance Asia, which can now cater directly to local customers, although their partnership will continue to operate.

Last year, the Jollibee group completed the integration of Oriental fastfood chain Chowking Foods to boost its total network to 772 outlets at end-2000.

Aside from the Delifrance outlets, the JFC network include 374 of its flagship Jollibee burger outlets, 193 Greenwich pizza stores and 164 Chowking restaurants nationwide. Jollibee and Chowking also have a combined 28 outlets overseas. – Conrado Diaz Jr.