MANILA - Jollibee Foods Corp said Wednesday its founders would consolidate ownership of a substantial portion of their shares into the firm Hyper Dynamic Corp.
The consolidation of ownership will not have a material change to the founding owners' effective ownership of JFC, the company said in a disclosure stock exchange. The founding owners are chairman Tony Tan Caktiong and his relatives.
"The Founding Owners expect the consolidation of ownership to ensure JFC will be continuously guided by the same core values, management principles and entrepreneurial competence," it said in a disclosure to the stock exchange.
Jollibee Foods Corp is the country's largest restaurant operator and one of Asia's fastest growing firms. JFC aims to become one of the world's top 5 largest operators in the world.