Food

Tony Tan Caktiong, brother Ernesto boost personal stakes in Jollibee in 2020 when food giant’s shares tanked

Bilyonaryo Tony Tan Caktiong and his brother,Ernesto Tanmantiong, jacked up their personal stakes in Jollibee Foods Corp. even as its share price cratered to its lowest in nearly a decade.

Tan Caktiong, the tenth richest Filipino , saw his personal stake in Jollibee grow by 13 percent to 9.594 million as of January 2021 from 8.494 million in January 2020.

Tanmantiong, Jollibee president and CEO since 2013, had 8.492 million shares as of January 2020, up by 8.1 percent from 7.855 million as of January 2021.

Tan Caktiong (P115.5 million) and Tanmantiong (P67 million) bought their shares in April at P105 each. JFC closed at P186.70 last Friday.

JFC plunged to a nine-year low of P91.10 in March shortly after President Rodrigo Duterte declared a lockdown to contain the coronavirus pandemic. Investors have been dumping Jollibee since late 2019 when it announced the purchase of loss-making Coffee Bean & Tea Leaf franchise.

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