Jollibee lifts foreign ownership cap to drive growth
JFC had requested the amendment following changes to its Articles of Incorporation, which removed provisions allowing it to own, acquire, mortgage, pledge, or encumber land.
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JFC had requested the amendment following changes to its Articles of Incorporation, which removed provisions allowing it to own, acquire, mortgage, pledge, or encumber land.
Homegrown Jollibee Foods Corp. (JFC) secured approval from the Philippine Stock Exchange (PSE) to lift its foreign ownership limit — a move seen as a positive catalyst for the company's growth amid volatile market conditions.
“The removal is a good catalyst for the company in this market that’s somehow choppy, this could provide some positive boost for the company. Then hopefully, it materializes,” Unicapital Securities Inc. equity research analyst Jeri R. Alfonso said in an interview on Thursday.
JFC had requested the amendment following changes to its Articles of Incorporation, which removed provisions allowing it to own, acquire, mortgage, pledge, or encumber land.
Alfonso likewise noted JFC’s growth prospects, particularly its international expansion, hold great potential.
“We are very bullish on JFC when it comes to the consumer sector. If we look at the PE, it has one of the highest ratios but we think it was justified,” Alfonso said.
JFC has set a target of achieving equal revenue contributions from local and international operations.
“We are very optimistic that they will hit their 50-50 sales target between their international and local operations, right now they are at 61-39. Right now, we see growth prospects (for JFC) internationally,” she added.
Last month, JFC completed its full acquisition of Tim Ho Wan, the renowned Hong Kong-based dim sum chain, as it expands its global footprint.
Jollibee Worldwide Pte. Ltd. acquired 100 percent of Tim Ho Wan Holdings Pte. Ltd. from Titan Dining Group Ltd. for SGD 20.2 million, reinforcing JFC’s position in the Asian dining market.
Its unit Jollibee Worldwide Pte. Ltd. acquired 100 percent of Tim Ho Wan Holdings Pte. Ltd. from Titan Dining Group Ltd. for SGD 20.2 million to reinforce JFC’s leading position in the Asian dining market.
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