Jollibee Foods Corp (JFC) has fully acquired its subsidiary Mang Inasal Philippines for $43 million (P2 billion).
JFC, Asia’s largest quick-service restaurant company, bought the 30 per cent share remaining from the 70 per bought in 2010 for P3 billion.
“JFC shall pay for the shares in cash. 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 will, completely henceforth, be composed of representatives of JFC,” the company said.
Jollibee has been no.1 in Asia and no.10 worldwide in terms of market capitalisation among publicly listed quick-service restaurants.
Mang Inasal is a Filipino brand known for its chicken inasal (roasted chicken) and unlimited rice. It has over 450 stores nationwide.
Jollibee announced its goal of joining the world’s top 10 fast-food brands. Its aggressive buying overseas are priced up to $100 million. It has 3023 outlets worldwide, 2393 of which are in the Philippines.
It also operates Philippine brands Red Ribbon bakery chain, Greenwich pizza parlours and Chowking Chinese restaurants.
Overseas, JFC’s subsidiaries and affiliates develop and operate international brands, such as Yonghe King, Hong Zhuang Yuan and San Pin Wang brands under the SuperFoods Group, and 12 Hotpot.