Jollibee group completes acquisition of Mang Inasal

Homegrown fast-food giant Jollibee Foods Corp. has acquired the remaining 30-percent stake held by the group of businessman Edgar Sia II in grilled chicken restraurant chain Mang Inasal Philipines Inc. for about P2 billion.

This allows Jollibee to take 100-percent control of Mang Inasal while Sia’s group completes its exit in line with the terms of the shareholders’ agreement signed in 2010.

“There will be no changes in the business conduct and direction of Mang Inasal resulting from this acquisition except that the board of directors of Mang Inasal Philippines Inc. will henceforth be composed completely of representatives of Jollibee Foods Corp.,” the company said.

Jollibee, now one of the world’s biggest fast-food companies by market capitalization, will pay for the remaining 30-percent stake in cash. The block consisted of 3,750 shares sold for P533,333 each by Sia, his holding firm Injap Investments Inc. and his brother Ferdinand Sia.

As of end-March, Mang Inasal had 458 restaurants across the country.

The Jollibee group added that it would continue its strong business relationship with Sia’s group, primarily through DoubleDragon Properties Corp.

DoubleDragon, which is led by Sia and Jollibee founder Tony Tan Caktiong, is building the Jollibee Tower office building. Office space in this tower will be owned by Jollibee and DoubleDragon.

As of end-March this year, Jollibee was operating 3,143 restaurants worldwide, of which 2,493 are in the Philippines.