Jollibee Acquires Mang Inasal for P3-B
Jollibee Foods Corporation has acquired 70% of chicken barbecue chain Mang Inasal Philippines Inc. An initial payment amounting to P1.55 billion has been paid by JFC and an additional P1.15 billion will be paid on November 22. The remaining P300 million will be paid over the next 3 years as assurance for indemnification.
In the disclosure of Jollibee posted at the Philippine Stock Exchange website, JFC will own 70% of Mang Inasal with 30% remaining with Injap Investment Inc., the parent company of Mang Inasal Philippines Inc (MIPI).
As of October 18, 2010, Mang Inasal has 303 branches nationwide with 24 company-owned branches and 279 franchised.
Mang Inasal increased Jollibee Foods Corp. current 1,578 stores in the Philippines. As of Sept. 30, JFC has 703 Jollibee branches, 404 Chowking, 218 Greenwich, 215 Red Ribbon, 23 Delifrance and 15 Mang Pepe's stores. It has also 375 stores operating abroad.
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