In a disclosure to the Philippine Stock Exchange, JFC vice president for finance Miguel Jose Navarete said the company’s board has resolved to sell 50 percent of its shareholdings in BFFPI, a wholly-owned subsidiary, to Delifrance Asia Pte. Ltd. for P63.322 million.
"The sale by JFC of its shares in Bakers Fresh to Delifrance Asia is in preparation to the planned merger of Baker Fresh and Delifrance Philippines," Navarete said.
JFC will sell 68,947 of its shares in BFFPI at P918.42 per share, a discount from the stock’s par value of P1,000.
Last February, the fastfood giant infused nearly P106 million in additional capital to BFFPI 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.
As of end-March, BFFPI had 15 existing outlets of the Delifrance chain nationwide. Although it is relatively smaller compared with its sister companies Jollibee, Chowking and Greenwich Pizza, the company is gearing up for rapid expansion with a string of additional outlets to be opened, a new store design concept, a fresh commissary, and broader product offerings.
The high-end Delifrance stores offer the traditional baguettes, croissants, tarts, lasagna and fettucine dishes. New products are set to be launched this year such as whole meal half baguette, ciabataa and foccacia as part of its strategy and vision to provide innovation and creativity in its operations.
"By implementing various improvements in its product offerings and service delivery, Delifrance should attain market leadership in the cafe bakery category in the near future," Navarete said. – Conrado Diaz Jr.