HOMEGROWN fast-food giant Jollibee Foods Corp. (JFC) on Friday said that subsidiaries Milkshop Japan Inc. and MKSA LLC (MKSA) had entered into a license agreement that would allow the latter to open and operate Milksha branded stores in California, New York and Texas in the United States.
US franchising opportunities outside the three states, meanwhile, will be available through Milkshop Japan.
“Milksha is positioned as a craveable high-quality specialty beverage, which gives JFC the opportunity to participate in the fast-growing beverage category globally and, especially in the USA,” JFC said.
In 2021, the Tony Tan Caktiong-led group signed a deal acquiring 51 percent of Milkshop International Co. Ltd. (Milksha) for $12.8 million.
MKSA LLC, a Delaware, USA limited liability company, was formed to be the license holder to open and operate Milksha branded stores in the US.
Following JFC’s full acquisition of Milksha in 2022, the brand has grown 24 percent to 327 outlets as of July 2024, with 305 branches located in Taiwan, 14 in Hong Kong, six in Australia and two in the United Kingdom.
In the Philippines, Milksha branded products are being sold in around 162 Chowking stores in the country, or 26 percent of the global Chowking network, which is also part of the JFC group.
Milksha generated $96-million systemwide sales in 2023, JFC said, adding that less than a year after its acquisition, Milksha had already delivered cash dividends.
JFC operates around 6,965 stores worldwide as of July 2024, with 3,341 of those outlets located in the Philippines while the rest are located worldwide.
In a separate disclosure, JFC said its board has approved the declaration of a regular cash dividend of P10.60125 per share for its Series B preferred shares, for a total payout of P95.4 million, to be paid on October 15 to JFC stockholders on record as of September 30.
In another development, JFC on Friday requested for a voluntary trading suspension of its Series A preferred shares (stock symbol JCPA).
“Following the earlier disclosure of the company’s redemption of all 3,000,000 outstanding Series A preferred shares on 13 September 2024, we request a suspension of trading for these shares on the specified date,” it said in a separate disclosure.
“This suspension is necessary to accurately determine the holders of the Series A preferred shares as of 30 September 2024, the record date previously disclosed,” it said.
Redemption of JFCPA shares has been priced at P1,000 apiece, plus accrued and unpaid cash dividends due thereon as of October 14.
Suspension of the said shares will begin at 9 a.m. on September 27. The lifting time and date of the suspension have yet to be announced.
JFC shares slipped by P2.00, or 0.78 percent, to close at P254 on Friday while the benchmark Philippine Stock Exchange index was basically flat, finishing down 0.03 percent.
Be the first to comment