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Tony Tan Caktiong’s stake shrinks by more than half in Jollibee’s P24.4B shares consolidation

Bilyonaryo Tony Tan Caktiong saw his shares in Jollibee Foods Corp. shrink by more than half in the shares consolidation of the fastfood giant’s “founding fathers.”

The JFC chairman’s direct and indirect shares (held through Honeysea Corp.) dropped to 5.5 percent with a market value of P10.872 billion from 12.4 percent or P24.679 billion.

JFC has consolidated the stakes of Tan Caktiong, his brothers and in-law under Hyper Dynamic Corp. through a series of block sales worth a combined P24.42 billion on March 3.

His brothers – JFC president president and CEO Ernesto “Ato” Tanmantiong and chief real estate executive William Tan Untiong – also had their shares slashed substantially in the shares consolidation.

READ: Estate planning: Tan Caktiong, Jollibee ‘founding owners’ consolidate holdings in Hyperdynamic through P24.4B deal

Tanmantiong’s stake fell to 1.3 percent or P2.6 billion from 3.4 percent or P6.8 billion.

Tan Untiong’s stake dropped to 1.3 percent or P2.7 billion from 3.3 percent or P6.5 billion.

Holdings of Tan Caktiong’s in-laws – JFC directors Antonio Chua Poe Eng and Ang Cho Sit – were also pruned down.

Chua Poe Eng’s stake was slashed to 1.8 percent or P3.5 billion from 3.1 percent or P6.1 billion.

Ang’s holdings decreased to .9 percent or P1.8 billion from 1.6 percent or P3.2 billion.

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