MANILA -- Homegrown fast-food giant Jollibee Foods Corp. (JFC) has taken full ownership of barbeque fastfood chain, Mang Inasal.
This, after JFC purchased the remaining 30-percent share in Mang Inasal Philippines, Inc., the owner and operator of Mang Inasal, for Php 2 billion.
The company said the acquisition was in line with the terms of the shareholders’ agreement executed in 2010.
In 2010, JFC bought 70 percent of Mang Inasal for Php3 billion.
The company said 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 would completely be composed of representatives of JFC. (PNA)