Jollibee acquires full control of Mang Inasal

MANILA, Philippines - Jollibee Foods Corp. (JFC), the Filipino-owned food giant, now owns 100 percent of Mang Inasal
Philippines Inc. after acquiring the remaining 30 percent stake held by the Sia family for P2 billion.
The move is in line with the shareholders agreement entered into between JFC and the Sia family. JFC said in a disclosure to the
Philippine Stock Exchange (PSE) yesterday.
With the 100 percent acquisition, JFC representatives will now completely comprise the board of directors of Mang Inasal.
JFC, however, said there would be no changes in the business conduct and direction of Mang Insasal as a result of the
transaction.
At the same time, the JFC Group of Companies headed by founder Tony Tan Caktiong will continue its business relationship
with businessman Edgar Sia through DoubleDragon Properties Corp.
The JFC brands will continue their store network expansion with CityMalls, which is controlled by DoubleDragon.
DoubleDragon will also continue to develop the Jollibee Tower office building, the units of which will be respectively owned by
JFC and DoubleDragon, JFC said in its disclosure.