The Philippines’ most iconic fast-food chain Jollibee marks a new milestone as it listed its first-ever preferred shares on the Philippine Stock Exchange (PSE).
During a virtual listing ceremony on Thursday, Oct. 14, Jollibee Food Corporation President & CEO Ernesto Tanmantiong said that Jollibee’s 8-million preferred shares offering was received with strong demand from investors. In fact, it was oversubscribed by 3.11 times.
“We are grateful to our investors in Jollibee. It humbles us to see that our offering of 8 million preferred shares has been oversubscribed by 3.11 times. Thank you especially to the retail investors who accounted for the vast majority of the investments in our preferred shares,” Ernesto said.
JFC’s preferred shares listing is a first for the company and a first for the foodservice industry in the Philippines. Furthermore, the company will use proceeds from the offer to buy back its US dollar perpetual securities.
As JFC aims to accelerate its worldwide store expansion in 2022 and beyond— following the opening of its newest branches in Madrid, Spain, and Calgary, Alberta, among others—the fast-food chain said that the listing of the shares is part of the overall plan to strengthen its group’s balance sheet.
“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,” Philippine Stock Exchange Chairman Jose T. Pardo added.
JFC stockholders and PSE executives pose with their Jollibee Funko Pop to commemorate Jollibee’s new milestone
“To all our employees, customers, partners, and stakeholders thank you for being part of our journey, for believing in us, and moving forward with us. Together with you, we will continue to dream big—not only to be the best in the Philippines, not only to be the best in Asia, but to be one of the top five restaurant companies in the world,” Tanmantiong concluded.
Despite the ongoing threats of the current pandemic, JFC shows no sign of stopping as it plans to open 50 more stores in Europe in the next five years.
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