C06589-2016

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Nov 23, 2016
2. SEC Identification Number
77487
3. BIR Tax Identification No.
000-388-771
4. Exact name of issuer as specified in its charter
JOLLIBEE FOODS CORPORATION
5. Province, country or other jurisdiction of incorporation
PHILIPPINES
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
10/F JOLLIBEE PLAZA, 10 F. ORTIGAS JR. AVENUE, ORTIGAS CENTER, PASIG CITY Postal Code 1605
8. Issuer's telephone number, including area code
(632) 634-1111
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON 1,075,083,542
TREASURY 16,447,340
11. Indicate the item numbers reported herein
-

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Jollibee Foods CorporationJFC

PSE Disclosure Form 16-1- Update on Corporate Actions/
Material Transactions/Agreements References: SRC Rule 17 (SEC Form 17-C) and
Section 16 of the Revised Disclosure Rules

Subject of the Disclosure

JFC Acquires Remaining 30% in Food Manufacturing in China
Background/Description of the Disclosure

Jollibee Foods Corporation (“JFC”), the largest Asian food service company, disclosed today that JFC, through its wholly owned subsidiary Jollibee Worldwide Pte., Ltd (“JWPL”) had obtained governmental and regulatory approvals in the People’s Republic of China for the transfer of assets in Happy Bee Foods Processing in Anhui, China, and completed the transfer of shares in Happy Bee Foods Processing Pte. Ltd. (“Happy Bee”) in Singapore, as a result of which JFC, through its wholly owned subsidiary JWPL, now owns 100% of Happy Bee Foods Processing in Anhui Province in China. Prior to this government approval, JWPL owned 70% of Happy Bee Food Processing Pte. Ltd. (a Singapore corporation) while its partner Hua Xia Harvest Holdings Pte. Ltd. (“Hua Xia”) owned 30%. Happy Bee (Singapore) owns 100% of Happy Bee Foods Processing in Anhui, China.

As stated in JFC’s disclosure dated February 23, 2016, Happy Bee Anhui operates a manufacturing facility in Anhui, China that services the requirements of JFC’s Yonghe King business and produces and sells foods for business institutions other than JFC’s brands. With the change in ownership, Happy Bee will no longer produce and sell food products to institutions other than JFC’s restaurant businesses. As consideration for the acquisition‎ of the additional 30%, JFC through its subsidiaries has effectively conveyed to Hua Xia certain manufacturing facility assets worth USD 10,342,145.37 related to the production and sale of products for outside institutions. The transaction is basically an asset for equity swap. JFC has minimal net cash outlay for this acquisition.

The objectives of the acquisition of the 30% ownership of Happy Bee which gave JFC 100% ownership of the food processing facility are to enable JFC ‎to concentrate on supporting the growth of its Yonghe King business and on further improving its food quality and increasing the assurance of its food safety. Yonghe King is JFC’s largest business in China with a total of 316 stores as of October 31, 2016 and contributes 8% to JFC’s worldwide system wide sales. Happy Bee Anhui produces the food products sold at Yonghe King stores.

JFC operates a total of 22 commissaries worldwide: 15 in the Philippines, 3 in China, 3 in the US and 1 in Vietnam. It is also building 3 additional commissaries in Luzon Island in the Philippines and a joint venture poultry processing plant in a joint venture with Cargill. It is also exploring a joint venture with ISE FOODS, INC. a Japanese firm for an egg production facility in the Philippines. In JFC’s business model, it builds and operates food processing facilities that supply exclusively the food served in its restaurants. This structure is intended to ensure superiority of food quality, food safety and product innovation.
Other Relevant Information

Please see attachment.
Filed on behalf by:
Name VALERIE AMANTE
Designation VICE-PRESIDENT