Jollibee exits C-Joy Realty

MANILA, Philippines –  Jollibee Foods Corp. (JFC) will sell its stake in the landlord of its poultry processing plant in a move seen to support its business model shift.

The homegrown fast-food giant disclosed to the stock exchange on Monday it would sell its 30-percent shareholding in C-Joy Poultry Realty Inc. to Agrotex Commodities Inc. for P33.88 million.

READ: Jollibee first-quarter earnings down 8%

“The divestment is aligned with JFC’s strategic shift toward an asset-light business model, enabling greater capital efficiency and sharper focus on scalable, high-return investments,” JFC said in its regulatory filing.

C-Joy Realty currently leases land to Cargill Joy Poultry Meat Production Inc., which operates a poultry processing plant in Batangas province.

This facility, a partnership between JFC and US-based food company Cargill Inc., supplies chicken to Jollibee Group restaurants.

Cargill owns the remaining 70 percent of C-Joy Realty.