Image via WikipediaFASTFOOD GIANT Jollibee Foods Corp. is buying 70% of the Mang Inasal chain of chicken restaurants for P3 billion.
In a disclosure, Jollibee Foods said it would pay P200 million in downpayment to the owner of Mang Inasal Philippines, Inc., Injap Investments, Inc. led by Edgar Sia III.
The homegrown fastfood chain said Mang Inasal would add the equivalent of 5% of Jollibee Foods' worldwide system sales and 7% of profits. The acquisition will also increase Jollibee Food's worldwide network of stores by 16%.
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