Fastfood empire Jollibee Foods Corp. (JFC) will buy 70 percent of Mang Inasal Philippines, Inc. (MIPI) for P3 billion, reports Business World. JFC will pay a down payment of P200 million to MIPI owner, Injap Investments, Inc. led by Edgar Sia III. According to the report, "The deal will be completed in 30 days, subject to due diligence by Isla Lipana & Co. and law firm Romulo Mabanta."
Entrepreneur.com.ph cited JFC's disclosure to the Philippine Stock Exchange: "JFC will build shareholder value by growing the sales of Mang Inasal's existing stores through the application of JFC's knowledge of consumers and its available recipes and products, continued expansion of Mang Inasal's store network, cost improvement on its raw materials and greater operational efficiency."
According to Yahoo News, the Mang Inasal chain consists of 303 stores, 24 of which are owned by the company while 279 are franchised. Meanwhile, the JFC Group of Companies has 1,578 stores in the Philippines: Jollibee with 703, Chow King with 404, Greenwich with 218, Red Ribbon with 215, Delifrance with 23 and Manong Pepe's with 15.
