Estate planning: Tan Caktiong, Jollibee ‘founding owners’ consolidate holdings in Hyperdynamic through P24.4B deal | Bilyonaryo Business News
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Estate planning: Tan Caktiong, Jollibee ‘founding owners’ consolidate holdings in Hyperdynamic through P24.4B deal

Bilyonaryo Tony Tan Caktiong and his relatives have consolidated their holdings in Jollibee Foods Corp. under Hyperdynamic Corp.

Tan Caktiong and his brothers – Ernesto Tanmantiong, Joseph Tanbuntiong and William Tan Untiong – and his in-laws – Ang Cho Sit and Antonio Chua Poe Eng – have collated their shareholdings in Jollibee’s single biggest shareholder through several transactions worth a combined P24.42 billion on March 3.

In a disclosure, Tan Caktiong said “he and his relatives, the ‘founding owners’, will be consolidating ownership of a substantial portion of their shares in JFC into Hyper Dynamic.”

The Jollibee founder and chairman assured that this would “not have a material change to the founding owners’ effective ownership of JFC.”

“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,” Tan Caktiong said.

Hyperdynamic bought a total of 203.504 million shares of Jollibee at P120 shares each.

The purchase increased its stake in Jollibee to 43.5 percent from 25.2 percent.

Hyperdynamic bought the shares from seven Jollibee affiliates owned separately by the founding owners:

* Honeysea offloaded P9.22 billion which reduced its stake from 11.5 percent to 4.5 percent;

* Winall Holding disposed P4.743 billion shares which lessened its stake from 4.9 percent to 1.32 percent;

* Kingsworth sold P2.803 billion worth of shares which slashed its stake from 2.6 percent to .5 percent;

* Centregold unloaded P2.541 billion shares which reduced its interest from 2.5 percent to .6 percent;

* Honeyworth of Chua unloaded P1.747 billion shares which reduced its stake from 2.8 percent to 1.6 percent;

* A Star Holding jettisoned P1.107 billion shares which shrank its stake from 1.5 percent to .72 percent; and

* Venice Corp. sold P959 million shares which cut its stake from 1.6 percent to .85 percent.

Tan Caktiong and his family came from China and settled in Davao. They founded Jollibee in 1978 initially as an ice cream parlor and converted into a hamburger store selling sweet spaghetti and fried chicken.

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