Restaurant chain operator Jollibee Foods Corp. said Friday it acquired the remaining 30-percent stake of Injap Investments Inc. in Mang Inasal Philippines Inc. for P2 billion.
Jollibee said with the acquisition, it now owned 100 percent of Mang Inasal. Injap Investments is the holding company of Mang Inasal founder Edgar Sia II.
Jollibee said in a disclosure to the stock exchange the acquisition was in line with the terms of the shareholders’ agreement it signed in November 2010 when it first acquired a 70-percent interest in Mang Inasal.
“There will be no changes in 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 Mang Inasal,” Jollibee said.
“The JFC Group of Companies will also continue with its strong business relationship with the business group of Mr. Edgar Sia II, primarily DoubleDragon Properties Corp.,” it said.
Jollibee chairman Tony Tan Caktiong and Sia are joint venture partners in property developer DoubleDragon.
DoubleDragon is currently constructing Jollibee office buildings in Ortigas.
Mang Inasal, a homegrown business, was started as a single proprietorship in December 2003 by Sia in Iloilo City. It became the first barbeque fastfood chain with chicken inasal as flagship product.
Jollibee acquired 70 percent of Mang Inasal for P3 billion in 2010, when the latter was operating 303 stores with revenues of P2.6 billion and system-wide sales of P3.8 billion.
Jollibee was operating 458 Mang Inasal branches nationwide as of end-March 2016.
Jollibee is the country’s leading food service network with 2,493 stores nationwide. Aside from Jollibee and Mang Inasal, it also owns several brands including Chowking, Greenwich, Red Ribbon and Burger King.
It operates 650 stores overseas and owns several brands such as Yonghe King, Hong Zhuang Yuan and San Ping Wang.
Jollibee also has a 50-percent stake in joint ventures for Highlands Coffee (Vietnam, Philippines), Pho24 (Vietnam, Indonesia, Cambodia and Korea) and 12 Sabu (China).
Share price of Jollibee declined 1.15 percent to close at P223.40 on Friday.