Jollibee Foods Corporation successfully listed its first-ever preferred shares on the Philippine Stock Exchange (PSE) after an oversubscribed P12-billion follow-on offering.
A first not only in the Jollibee Group history, but also in the Philippine food service industry, the listing marks the successful completion of the company’s follow-on offering of a total of 12 million preferred Shares.
The JFC Preferred A shares closed higher by 1 percent at P1,010 each while the JFC Preferred B shares rose 3.3 percent to end at P1,033 per share.
“We are grateful to our investors in Jollibee Foods Corporation—it humbles us to see that our offering of 8 million preferred shares has been oversubscribed by 3.11 times,” said Jollibee Group President and CEO Ernesto Tanmantiong.
“Thank you especially to the retail investors who accounted for the vast majority of the investments in our preferred shares,” he added.
The preferred shares offering is the fifth security issued by the Jollibee Group for investment by the public.
“To all our investors, we signify again our commitment to be excellent stewards of your investments in JFC, whether they are shares in JFC Common Stock, US Dollar Senior Perpetual Capital Securities issued in January 2020, US Dollar 5.5-Year and 10-Year Senior Debt Securities in June 2020, or these Peso Preferred Shares,” said Tanmantiong.
The issuance of preferred shares and the buyback of its US-dollar Perpetual Securities are part of the overall plan to strengthen the Jollibee Group’s balance sheet, especially as the company aims to accelerate its worldwide store expansion in 2022 and beyond.
The Jollibee Group emphasized that the issuance of preferred shares will not change the current cash dividend policy on the company’s common shares, and that it will continue to declare cash dividends equivalent to 33 percent of net income attributable to common equity holders of the company.
“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,” said Tanmantiong.
Source: Manila Bulletin (https://mb.com.ph/2021/10/14/jollibee-lists-p12-b-preferred-shares/?utm_source=rss&utm_medium=rss&utm_campaign=jollibee-lists-p12-b-preferred-shares)
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