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Fastfood chain operator Jollibee Foods Corp. said over the weekend it would redeem next month P3 billion worth of preferred shares it issued in 2021.
“In accordance with the terms of the issuance, the company will redeem all outstanding Series A preferred shares on Oct. 14, 2024 at a redemption price equal to the offer price plus any accrued and unpaid cash dividends, after deducting transfer costs customarily chargeable to stockholders, as applicable, to effect the redemption,” JFC said.
The fast-food giant earlier dropped plans to issue P8 billion worth of preferred shares to refinance debt and support expansion plans on strong cash-flow from domestic operations and continued high-interest rate environment.
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