Jollibee buys Mang Inasal for P3 billion
10/18/2010 | 05:26 PM
Fastfood giant Jollibee Foods Corp. on Monday said it is buying 70 percent of Mang Inasal Philippines Inc. — a Filipino food chain — for P3 billion.
In a filing with the Philippine Stock Exchange, Jollibee Foods said it would pay Mang Inasal owner Edgar Sia III of Injap Investments Inc. P200 million in downpayment.
Injap will have a 30-percent interest in Mang Inasal, the disclosure read.
The deal will be complete in 30 days, subject to due diligence by Isla Lipana & Co. and law firm Romulo Mabanta Buenaventura Sayoc and De Los Angeles, according to Jollibee Foods.
The purchase of Mang Inasal will add 5 percent to the fastfood giant’s worldwide system sales and 7 percent to its profits, according to Jollibee Foods.
It will also increase Jollibee Foods’ worldwide network of stores by 16 percent.
Since it started in 2003, Mang Inasal has grown to 303 stores with estimated total revenues of P2.6 billion and system-wide sales of P3.8 billion.
Jollibee Foods has 1,953 stores in the Philippines, the United States, China, and other countries. — Jesse Edep/VS, GMANews.TV