MANILA, Philippines - Jollibee Foods Corp. (JFC), the Filipino-owned food giant, now owns 100 percent of Mang Inasal Philippines Inc. after acquiring the remaining 30 percent stake held by the Sia family for P2 billion.
The move is in line with the shareholders agreement entered into between JFC and the Sia family. JFC said in a disclosure to the Philippine Stock Exchange (PSE) yesterday.
With the 100 percent acquisition, JFC representatives will now completely comprise the board of directors of Mang Inasal.
JFC, however, said there would be no changes in the business conduct and direction of Mang Insasal as a result of the transaction.
At the same time, the JFC Group of Companies headed by founder Tony Tan Caktiong will continue its business relationship with businessman Edgar Sia through DoubleDragon Properties Corp.
“The JFC brands will continue their store network expansion with CityMalls, which is controlled by DoubleDragon. DoubleDragon will also continue to develop the Jollibee Tower office building, the units of which will be respectively owned by JFC and DoubleDragon,” JFC said in its disclosure.
JFC acquired the 70 percent stake of barbecue fast-food chain operator Mang Inasal in 2010 as part of continuing efforts to beef up its business portfolio.
Mang Inasal caught the attention of JFC due to its fast growing business. To date, it now has 458 branches nationwide.
At present, JFC operates the largest food service network in the Philippines. As of March 31, it had 2,493 restaurant outlets comprised of Jollibee (924), Chowking (445), Greenwich (236), Red Ribbon (370), Mang Inasal (458) and Burger King (60).
Overseas, it had 650 stores: Yonghe King in China with 319 outlets, Hong Zhuang Yuan China (42), San Pin Wang (58), Dunkin Donuts China (2), Jollibee (149), Red Ribbon (32), Chowking (45).
In all, the JFC Group has 3,143 stores worldwide.