MANG INASAL
THE MAN BEHIND ‘MANG INASAL’
2 Comments 26 NOVEMBER 2010
Jollibee Foods Corp. (JFC), the country’s largest fast food chain, has taken over control of Mang Inasal, a highly successful Visayas-based restaurant chain specializing in grilled chicken, in a deal worth P3 billion.
In its disclosure to the Philippine Stock Exchange on Oct. 18, JFC said it has submitted an unsolicited offer to acquire 70 percent of Mang Inasal Philippines Inc. (MIPI), which was unconditionally and irrevocably accepted by its parent company, Injap Investments Inc. MIPI remains a significant minority holder with 30 percent equity.
Mang Inasal, a homegrown business, started as a single proprietorship in December 2003 by its founder, Edgar “Injap” Sia II, in Iloilo City, the first barbecue fast food chain anchored by its flagship chicken inasal product.
MIPI, which has grown its branches to 306 stores nationwide, is in a positive net cash position, racking up total revenues of P2.6 billion and system-wide sales of P3.8 billion. It is targeting 500 stores nationwide before 2012.
Observers say Jollibee’s buyout of controlling interest in Mang Inasal was meant to eliminate a fast-growing competition and maintain its market dominance over the local fast food industry.
The Jollibee Group already operates the most extensive fast food network in the Philippines with a total of 1,578 stores: Jollibee (703), Chowking (404), Greenwich (218), Red Ribbon (215), Delifrance (23) and Manong Pepe’s (15).
On Oct. 12, Sia, chairman and CEO of Mang Inasal Philippines, Inc., was presented the Small Business Entrepreneur award for 2010 by the Ernst & Young Entrepreneur of the Year (Philippines) for best demonstrating management excellence in a business with assets of less than P100 million.
In the following article, Entrepreneur of the Year Philippines 2010 chronicles how the young probinsiyano entrepreneur defied the odds and steered Mang Inasal to its phenomenal success.
Young probinsiyano
2 Comments 26 NOVEMBER 2010
Jollibee Foods Corp. (JFC), the country’s largest fast food chain, has taken over control of Mang Inasal, a highly successful Visayas-based restaurant chain specializing in grilled chicken, in a deal worth P3 billion.
In its disclosure to the Philippine Stock Exchange on Oct. 18, JFC said it has submitted an unsolicited offer to acquire 70 percent of Mang Inasal Philippines Inc. (MIPI), which was unconditionally and irrevocably accepted by its parent company, Injap Investments Inc. MIPI remains a significant minority holder with 30 percent equity.
Mang Inasal, a homegrown business, started as a single proprietorship in December 2003 by its founder, Edgar “Injap” Sia II, in Iloilo City, the first barbecue fast food chain anchored by its flagship chicken inasal product.
MIPI, which has grown its branches to 306 stores nationwide, is in a positive net cash position, racking up total revenues of P2.6 billion and system-wide sales of P3.8 billion. It is targeting 500 stores nationwide before 2012.
Observers say Jollibee’s buyout of controlling interest in Mang Inasal was meant to eliminate a fast-growing competition and maintain its market dominance over the local fast food industry.
The Jollibee Group already operates the most extensive fast food network in the Philippines with a total of 1,578 stores: Jollibee (703), Chowking (404), Greenwich (218), Red Ribbon (215), Delifrance (23) and Manong Pepe’s (15).
On Oct. 12, Sia, chairman and CEO of Mang Inasal Philippines, Inc., was presented the Small Business Entrepreneur award for 2010 by the Ernst & Young Entrepreneur of the Year (Philippines) for best demonstrating management excellence in a business with assets of less than P100 million.
In the following article, Entrepreneur of the Year Philippines 2010 chronicles how the young probinsiyano entrepreneur defied the odds and steered Mang Inasal to its phenomenal success.
Young probinsiyano