Restaurant chain operator Jollibee Foods Corp. set the dividend rates for its maiden P12-billion preferred shares offering.
The company said in a disclosure to the stock exchange Thursday Series A preferred shares would have a dividend rate of 3.2821 percent per annum, while Series B preferred shares will have 4.2405 percent a year.
Jollibee will issue up to 12 million in cumulative, non-voting, non-participating, non-convertible, redeemable, peso-denominated perpetual preferred shares, at an offering price of P1,000 per share.
The offering will run from Sept. 28 to Oct. 4, 2021. The preferred shares will be listed with the Philippine Stock Exchange on Oct. 14, 2021.
The bond offering was approved by the PSE and the Securities and Exchange Commission.
Net proceeds from the offering will be used for the partial redemption of the company’s $250-million senior perpetual securities and capital expenditures for its commissary and store expansion.
BPI Capital Corp., BDO Capital and Investments Corp., China Bank Capital and SB Capital and Investments Corp. are the joint lead underwriters and book runners for the offering.
Jollibee said in a statement it continues to expand its footprint in North America with the opening of new mobile kitchen in Hamilton, Ontario and a new store in Winnipeg, Manitoba.
Jollibee said it teamed up with DoorDash, an online food ordering platform, to launch the mobile kitchen in Ontario.
The fast-food giant said the mobile kitchen would enable it to expand its presence in existing and new markets, without the traditional overhead costs of opening a brick-and-mortar store.
“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,” said Maribeth Dela Cruz, president of Jollibee North America for Philippine brands.
Jollibee early this month opened a store in Winnipeg, its 18th in Canada. It is part of the group’s aggressive expansion plan to have 500 stores in North America over the next five to seven years.
