Jollibee takes 100% control 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 chain Mang Inasal Philipines Inc. for around P2 billion.

This allows Jollibee to take 100 percent control of Mang Inasal in line with the terms of 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 in a disclosure to the Philippine Stock Exchange on Friday.