‘Mang Inasal’ CEO confirms P3B sale to Jollibee
ILOILO CITY, Iloilo, Philippines — Edgar Sia II, chairman and chief executive officer of the Mang Inasal popular food chain, has confirmed that he would be selling 70 percent of his nearly seven-year old company to Jollibee Food Corp. (JFC) for P3 billion.
“It is an ongoing transaction and I confirm the disclosure of (JFC) with the Philippine Stock Exchange Inc.,” Sia told the Philippine Daily Inquirer on Monday.
He refused to issue further statements saying he was bound by an agreement with JFC for both parties to refrain from issuing statements other than the disclosure.
In the October 18, 2010 disclosure of JFC posted at the PSE website, JFC chief finance officer and vice president Ysmael Baysa said the giant international food chain acquired 70 percent of Mang Inasal Philippines Inc. (MIPI) from Injap Investments Inc. (Injap) by around P3 billion, with P200 million paid as initial payment. Injap will retain 30 percent control of the company.
Mang Inasal, considered the fastest-growing fast-food chain in the country, has 303 branches nationwide as of October 18 with 24 company-owned branches and 279 franchised.
MIPI has annual total revenues reaching P2.6 billion and system-wide sales of P3.8 billion, according to the JFC disclosure.
JFC has 1,954 stores worldwide (375 abroad) as of Sept. 30, including 703 Jollibee branches, 404 Chowking, 218 Greenwich, 215 Red Ribbon, 23 Delifrance, 15 Mang Pepe's stores.
“It is an ongoing transaction and I confirm the disclosure of (JFC) with the Philippine Stock Exchange Inc.,” Sia told the Philippine Daily Inquirer on Monday.
He refused to issue further statements saying he was bound by an agreement with JFC for both parties to refrain from issuing statements other than the disclosure.
In the October 18, 2010 disclosure of JFC posted at the PSE website, JFC chief finance officer and vice president Ysmael Baysa said the giant international food chain acquired 70 percent of Mang Inasal Philippines Inc. (MIPI) from Injap Investments Inc. (Injap) by around P3 billion, with P200 million paid as initial payment. Injap will retain 30 percent control of the company.
Mang Inasal, considered the fastest-growing fast-food chain in the country, has 303 branches nationwide as of October 18 with 24 company-owned branches and 279 franchised.
MIPI has annual total revenues reaching P2.6 billion and system-wide sales of P3.8 billion, according to the JFC disclosure.
JFC has 1,954 stores worldwide (375 abroad) as of Sept. 30, including 703 Jollibee branches, 404 Chowking, 218 Greenwich, 215 Red Ribbon, 23 Delifrance, 15 Mang Pepe's stores.
Good deal for the owner, he still has 30%. Just wondering what their new mascot would look like.
Source: www.inquirer.net | By Nestor P. Burgos Jr. | 10-19-10
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