Jollibee Foods Corp. is pricing the dividend for its preferred share sale at 3.2821 percent and 4.2405 percent that will have two series — Series A and Series B.
The company did not provide details on the distinguishing features of the two series preferred shares.
The company is in the middle of a P20- billion preferred shares sale, the first tranche of which will be a P12 billion issuance divided into an initial P8 billion and another P4 billion covering the oversubscription option.
A total of 20 million cumulative, non-voting, non-participating, non-convertible and redeemable perpetual preferred shares, will be sold presumably in the next three years by the company at an offer price of up toP1,000 apiece.
Jollibee said unless the shares are redeemed its dividend will be increased.
Part of the proceeds will be used to redeem a portion of its $600 -million perpetual bonds issued early last year. T
Meanwhile, Jollibee launched a new mobile kitchen in Hamilton, Ontario, and a new store in Winnipeg, Manitoba as it grows its reach in Canada and North America.
Jollibee said it partnered with DoorDash, an online food ordering platform, to launch the mobile kitchen.