FASTFOOD giant Jollibee Foods Corp. (JFC) said on Wednesday that it is revising its articles of incorporation to allow it to invest, acquire and sell “real and personal” properties in line with its business goals.
In a regulatory filing, the listed firm said the amendment ensures that its primary purpose “expressly sets” forth the authority of JFC and its units “to invest in, acquire, own, use and dispose of real and personal properties, of every kind and description” as long as they are in line with achieving the company’s objectives.
It told the local bourse that its stockholders had cleared the proposed revision.
“The amendment will enable the Company to avail of a broader choice of corporate structures, securities and financial instruments available in the financial and commercial markets which will enhance its economic productivity (related) to the use of properties and assets, thereby strengthening its core business,” JFC said.
The company generated a first-quarter attributable net income of P153 million, a reversal of the P1.68-billion loss it incurred year on year. This was even after JFC recorded lower sales as of March.
Earlier, the firm said it is planning to issue preferred shares and is targeting to buy back up to $250 million of its perpetual green bonds through a cash tender offer this year. By doing this, it aims to “restructure its financial obligations in order to strengthen its balance sheet, spread the maturity of its financial obligations and reduce its foreign exchange risks.”
Shares in JFC at the local bourse improved 3.29% or P6.20 to close at P194.70 apiece on Wednesday. — Angelica Y. Yang
