LISTED fast-food operator Jollibee Foods Corp. (JFC) has divested its 30% stake in C-Joy Poultry Realty for P33.8 million as part of its move toward an asset-light business model.
The stake was sold to Agrotex Commodities, Inc. through a share purchase agreement and deed of assignment involving 113,250 shares priced at P299.16 each.
C-Joy Poultry Realty owns the property in Sto. Tomas, Batangas, where the poultry processing plant of C-Joy Poultry Meats Production, Inc. is located.
“The divestment is aligned with JFC’s strategic shift toward an asset-light business model, enabling greater capital efficiency and sharper focus on scalable, high-return investments,” JFC said in a stock exchange disclosure on Monday.
C-Joy Poultry Meats supplies raw and marinated chicken to JFC brands including Jollibee, Chowking, and Mang Inasal.
JFC said it would retain its 30% stake in C-Joy Poultry Meats, while the remaining 70% is held by American food company Cargill, Inc.
JFC’s first-quarter net income fell by 8.1% to P2.41 billion amid higher non-operating expenses.
Systemwide sales climbed by 18.9% to P103.2 billion.
As of end-March, JFC operated 9,935 stores globally — 3,393 in the Philippines and 6,542 overseas.
Its global footprint includes 560 stores in China, 361 in North America, and 393 across Europe, the Middle East, and Africa. It also operates 865 stores under Highlands Coffee, 1,246 under The Coffee Bean and Tea Leaf, 340 under Milksha, 2,700 under Compose Coffee, and 77 under Tim Ho Wan.
JFC shares declined by 0.74% or P1.80 to close at P241 each on Monday. — Revin Mikhael D. Ochave
