This must be the world’s most expensive Chicken.
News outlets in the Philippines reported that Jollibee purchased 70 percent of Mang Inasal Chicken for 3 Billion pesos. Mang Inasal has 303 restaurants all over the Philippines serving Filipino food and its staple grilled chicken.
Jollibee Food Corporation is a world famous Filipino fast food conglomerate. Over the years, the company had acquired many famous brands in the Philippines including Red Ribbon.
Aside from competing directly against McDonalds in the Philippines, Jollibee has its flagship Jollibee fast food chain in Hong Kong, and in California.
This is the news snippet from ABS-CBN:
Of the estimated P3 billion transaction price, Jollibee has paid P200 million to parent firm Injap Investments Inc., which will continue to hold 30% of Mang Inasal.
Ninety-percent of the balance will be paid when the two parties sign a share purchase agreement, which is subject to a 30-day due diligence conducted by PriceWaterhouse Coopers-Isla Lipana & Co. auditing firm and Romulo Mabanta Sayoc De los Angeles law firm. The remaining 10% will be paid over 3 years.
Mang Inasal’s network will add about 5% to Jollibee’s worldwide systemwide sales, 5% to its revenues, and 7% to its operating income. Once completed, the deal will also increase Jollibee’s current 1,578 stores in the Philippines and 375 abroad by 16%.
Jollibee has recently sold its stake in Delifrance, a French pastry store that it acquired in 2006 and divested from two businesses in Taiwan and China in line with its thrust to concentrate on larger quick-server restaurant businesses.