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.
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“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.