Jollibee Foods Corporation raises P12B from sales of preferred shares

Jollibee Foods Corporation (JFC) listed its Series A and Series B preferred shares at the Philippine Stock Exchange (PSE) on Thursday. The said securities will be traded using the stock symbols “JFCPA” and “JFCPB”, respectively. 

JFC raised Php12 billion from its follow-on offering (FOO) which will be used by the company to partially fund the buyback of up to USD250 million Senior Perpetual Securities and for capital expenditures.

In his message, PSE Chairman Jose T. Pardo cited the pandemic’s impact on the company’s bottomline and noted the improvement in JFC’s second quarter revenues and its store openings in the first half of the year. “I am hopeful that uncertainties will be tempered as more and more get vaccinated, leading to a pick-up in consumption and eventually a recovery in store sales. Full recovery may take some time but this adversity provides an opportunity for the company to revisit and recalibrate its strategy.” “Despite the challenging global environment, there’s no stopping the growth and expansion of J-F-C’s 17 brands. In the first half of the year, the JFC group already opened 164 new stores in the country and overseas.”

“This FOO of JFC is a reminder to all listed companies that may need funds for acquisitions or capital expenditures that the stock market will always be an available avenue for capital raising.” Mr. Pardo added.

 

Photo 1 shows: PSE COO Atty. Roel A. Refran and PSE President and CEO Ramon S. Monzon with the Jollibee mascot at the PSE Trading Floor in Taguig City.

Photo 2 shows from left, by row: SEC Commissioner Ephyro Luis B. Amatong, PSE COO Atty. Roel A. Refran, PSE President and CEO Ramon S. Monzon, PSE Chairman Jose T. Pardo; JFC Chairman Tony Tan Caktiong, JFC President and CEO Ernesto Tanmantiong, SEC Commissioner Kelvin Lester K. Lee; JFC Director Chief Justice Artemio V. Panganiban (ret.), PSE Directors Wilson L. Sy, Vivian Yuchengco, Chief Justice Teresita J. Leonardo-De Castro (ret.) and Consuelo D. Garcia, JFC Corporate Secretary William Tan Untiong, JFC Director Ang Cho Sit; JFC Director Cesar V. Purisima, PSE Directors Eddie T. Gobing and Ferdinand K. Constantino, JFC Director Kevin Goh, JFC Director Ee Rong Chong and JFC Director Antonio Chua Poe Eng.

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