Jollibee gains full ownership of Mang Inasal
Tony Tan Caktiong’s Jollibee Foods Corporation, the country’s largest food chain, has gained full ownership of Mang Inasal Philippines Inc.
In a disclosure to the stock exchange, Jollibee Foods said it has bought the remaining 30-percent stake in Mang Inasal Philippines from Edgar Sia II, Ferdinand Sia, and Injap Investments Inc. for P2 billion.
Jollibee said the acquisition of the remaining 30-percent stake was in line with the terms of the agreement signed on November 22, 2010.
“There will be no changes in the business conduct and direction of Mang Inasal resulting from this acquisition except that the board of directors of Mang Inasal Philippines Inc. will henceforth be composed completely of representatives of Jollibee Foods Corporation,” the disclosure said.
“The JFC Group of Companies will also continue its strong business relationship with the business group of Mr. Edgar Sia II primarily with DoubleDragon Properties Corp.,” it added.
Jollibee Foods’ brands in the Philippines include Chowking, Greenwich, Red Ribbon, and Burger King. The company said its brands will continue its store network expansion with CityMalls which is owned by DoubleDragon.
DoubleDragon is also developing the Jollibee Tower office building.
Jollibee Foods currently operates 2,493 restaurants outlets in the country and 650 stores abroad. (By: Eileen A. Mencias)