PSE Clears Jollibee���s P20 B Preferred Shares Issuance

THE Philippine Stock Exchange (PSE) approved on Wednesday the shelf listing of Jollibee Foods Corp.’s (JFC) P20-billion preferred shares, which will be offered by the company within a period of three years from the effectivity of its registration statement.

The company will offer up to 12 million Series A and Series B preferred shares for up to P1,000 each for the first tranche. These shares are cumulative, nonvoting, non-participating, nonconvertible, and redeemable.

Its base offering will comprise of eight million Series A and Series B preferred shares, with an overallotment option of four million shares.

On Thursday, JFC set the initial dividend rate for Series A preferred shares at 3.2821% per annum (p.a.) and Series B preferred shares at 4.2405% p.a.

JFC plans to start its offer period on Sept. 28 until Oct. 4, with a tentative listing date of Oct. 14.

The PSE said its approval on the listing of the preferred shares is still “subject to the company’s compliance with all of the conditions and post-approval requirements of the exchange.”

Series A preferred shares will be traded under stock symbol “JFCPA,” while Series B preferred shares will trade under “JFCPB.”

The company said it plans to use the proceeds for the partial buyback of its senior perpetual securities and for general corporate purposes such as commissary and store expansion.

NEW STORES IN CANADA

Overseas, Jollibee launched a mobile kitchen in Ontario’s Hamilton and a new store in Winnipeg in Manitoba.

The company worked with online food services platform DoorDash to open the mobile kitchen, which started serving customers beginning Sept. 2. The 15-meter mobile kitchen is located at the southwest corner of the CF Lime Ridge Mall.

“As we continue to expand our store network across Canada, the mobile kitchen provides the ideal platform to serve our customers in a more flexible and far-reaching capacity, especially in communities where we don’t have a physical store location yet,” Maribeth D. Dela Cruz, president of the Jollibee group for North America, Philippine brands, said in a separate statement on Thursday.

Hamilton-based customers may order Jollibee meals from the mobile kitchen via jollibeefoods.com, the Jollibee app, and through the DoorDash app.

Meanwhile, its Winnipeg store is the company’s 18th branch in Canada and is part of the company’s plan to expand its stores to 500 in North America within five to seven years.

The Winnipeg store has a drive-thru option and caters to online orders via the jollibeecanada.com website, the Jollibee app, and through the DoorDash app. It also allows call-in and pick-up services.

“The city’s close-knit Filipino community has especially embraced our brand since day one, and we are excited to provide another convenient location for both our fans and newcomers who crave a delicious quick service option that they truly can’t get anywhere else,” Ms. Dela Cruz said.

JFC shares on Thursday rose 3.83% or P7.50, closing at P203.40 apiece. —

Keren Concepcion G. Valmonte

Source : https://www.bworldonline.com/pse-clears-jollibees-p20-b-preferred-shares-issuance/

548