Jollibee acquires 100% of Mang Inasal
Homegrown fastfoos giant Jollibee Foods Corp. Has acquired full ownership of grilled chicken chain Mang Inasal.
In a stock exchange filing, JFC said it purchased the remaining 30 percent of Mang Inasal for P2 billion in cash.
The offer price is based on a pre-agreed pricing formula, JFC said.
The acquisition of additional shares is in line with the terms of the shareholders’ agreement executed with Injap Investments Inc. in 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 will, henceforth, be composed completely of representatives of JFC,” the company said.
Mang Inasal had a total of 459 branches as of the end of December last year, accounting for 18.6 percent of the JFC group’s aggregate store network.
Other brands under the JFC group include Jollibee, Chowking, Greenwich, Red Ribbon and Burger King.