Mang Inasal founder is P2 billion richer
Bilyonaryo Edgar “Injap” Sia is investing the P2 billion paid him by fellow bilyonaryo Tony Tan Caktiong into various liquid assets following the sale of his remaining 30-percent stake in restaurant chain Mang Inasal to Jollibee Foods Corp.
At only 39, Sia told the Inquirer he has no plans to retire yet and is in fact building his war chest for future investment opportunities.
Jollibee acquired 70-percent of the popular roasted chicken joint for P3 billion in 2010.
Sia put up the first Mang Inasal store in Iloilo with himself involved in the day-to-day operations of the store as is common with startups.
By the time Jollibee acquired a controlling stake, there were already 303 Mang Inasal stores all over the country.
Under Jollibee’s stewardship, the network has grown to 460 outlets nationwide with system-wide sales of P12.6 billion.
Sia and Tan Caktiong’s partnership has expanded into property development with DoubleDragon Properties.