Food Headlines

Profit taking: Jollibee affiliate led by board member Poe Eng Chua unloads P18M shares

An affiliate of Jollibee Foods has taken advantage of the recent surge in the fastfood giant’s stock to take profits.

Honeyworth Corp., where Jollibee director Poe Eng Chua sits as chairman and president, received roughly P18 million from the sale of 100,000 Jollibee shares on October 23.

READ: Value investing: Jollibee’s single-biggest stockholder picks up roughly P250M worth of fastfood giant’s shares ahead of sizzling run

Honeyworth sold the stock at a range of P175 to P179 or its price in mid-March before President Rodrigo Duterte declared a lockdown to combat coronavirus. Jollibee’s shares plummeted to P91 per share.

Honeyworth accumulated the 100,000 shares it sold in the last three months when its stake increased from 34.309 million shares as of July 15 to 34.409 million shares as of October 9.

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