C06929-2016 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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COMMON | 1,075,083,542 | |
TREASURY | 16,447,340 |
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Subject of the Disclosure |
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JFC To Divest Shareholdings in Subsidiary to Focus on Larger Businesses in China |
Background/Description of the Disclosure |
The Company, through its wholly-owned subsidiary, Jollibee Worldwide Pte. Ltd. (JWPL), shall divest its shareholding in Guangxi San Pin Wang Food and Beverage Management Co. Ltd. (SPW), a non wholly-owned subsidiary. |
Date of Approval by Board of Directors |
Dec 12, 2016 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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The divestment is part of the Company’s intention to concentrate its resources on businesses with greater potential. |
Date | Dec 12, 2016 |
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Manner |
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For and in consideration of JWPL’s sale of its fifty-five percent (55%) shareholding in SPW, JWPL shall receive Ninety Million Renminbi (RMB90,000,000). |
Description of the company to be acquired or sold |
SPW is a local Chinese restaurant chain with stores located mostly in Nanning in Guangxi Province in the southern part of the People's Republic of China. Its menu is centered on low priced beef noodle. At the time of acquisition, it had 34 stores and the business was already profitable. San Pin Wang grew profitably to 71 stores as of November 30, 2016. |
Number of shares to be acquired or disposed | Uncertificated share |
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Percentage to the total outstanding shares of the company subject of the transaction | 55 |
Price per share | Uncertificated shares |
Nature and amount of consideration given or received |
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JWPL shall receive Ninety Million Renminbi (RMB90,000,000) for its 55% shareholding in SPW. |
Principle followed in determining the amount of consideration |
The purchase price was based on the commercial agreement of the parties. |
Terms of payment |
JWPL shall receive Ninety Million Renminbi (RMB90,000,000) for its 55% shareholding in SPW, of which RMB 25 Million will be paid within 2016, RMB 55 Million will be paid within 2017 and RMB 10 Million will be paid within 2018. |
Conditions precedent to closing of the transaction, if any |
Approval of the relevant government offices and the registration of the transaction. |
Any other salient terms |
- |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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Guangxi Zong Kai Food and Beverage Investment Company Limited | None |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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The divestment is part of the Company’s intention to concentrate its resources on businesses with greater potential. |
Other Relevant Information |
Please see attached disclosure. |
Name | VALERIE AMANTE |
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Designation | VICE-PRESIDENT |