By Vir L. Orquiola
The Jollibee Foods Corp. (JFC) has bought out 70 percent stakes in Mang Inasal Philippines, Inc. (MIPI), owner of Mang Inasal restaurant chain in Iloilo City and in other parts of the country.
This after the Injap Investments Inc., the mother company of MIPI received an offer of JFC to buy part of the said barbecue food chain.
Edgar Sia, a young Ilonggo businessman of Roxas City, Capiz and owner of the Mang Inasal food chain nationwide, retained the remainder of 30 percent stockholdings.
The JFC has initially paid Mang Inasal the sum of P200 million for the transaction.
The business deal will increase to 19 percent the store network of Jollibee in the country and another 16 percent in the world-wide basis.
Jollibee said it had sufficient financial resources arising from their revenues to pay in cash the purchase of Mang Inasal.
Presently, Mang Inasal has a total of 306 branches throughout the country in just a matter of seven years after it was established in 2003.
Of the total branches, 24 are owned by Edgar Sia while the remaining 279 stores are owned by franchise holders.
On the other hand, Jollibee has a total of 1,578 stores throughout the country. (PNA)
RMA/AJP/VLOrquiola/vlo
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