Jollibee Foods to raise up to $144m in additional preferred shares

JFC has over 6,885 stores worldwide with 18 brands in 33 countries.

Jollibee Foods Corporation (JFC) will issue an additional five million Preferred Shares to the public in the Philippines, alongside an oversubscription option of around three million Preferred Shares.

The estimated issue size is estimated to be around $90.26m (PHP5.0b) to $144.41m (PHP8.0b) if the oversubscription option is implemented.

The planned additional Preferred Shares issuance will be offered as the second tranche under the 20,000,000 Preferred Shares Shelf Registration, as approved by the Securities and Exchange Commission – Markets and Securities Regulation Department on 24 September 2021.

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The second tranche of the Preferred Shares will be listed on the Philippine Stock Exchange (PSE), with its issuance and listing to be approved by the Securities and Exchange Commission and PSE.

The first tranche of Preferred Shares previously offered consisted of 3,000,000 Series A Preferred Shares with a dividend rate of 3.2821% p.a. and nine million Series B Preferred Shares with a dividend rate of 4.2405% p.a.

JFC’s public offer aligns with the company’s overall growth, which includes a 6.3% increase in its store network. Currently, it has operated over 6,885 stores worldwide.