Jollibee divests stake in C-Joy Poultry Realty

Asian food conglomerate Jollibee Foods Corp. (JFC) is divesting its interest in C-Joy Poultry Realty Inc. for P33.88 million.

- By RICHMOND MERCURIO

In a stock exchange filing, JFC said that it executed a share purchase agreement and deed of assignment with Agrotex Commodities Inc. to sell its 113,250 shares in C-Joy Poultry Realty equivalent to 30 percent at P299.16 apiece.

C-Joy Poultry Realty owns the land on which the facilities of C-Joy Poultry Meats Production Inc. are situated.

C-Joy Poultry Meats Production, a joint venture between the Jollibee Group and Cargill, is one of the largest poultry processing plants in the Philippines. It has developed and supplied various poultry products, including whole chicken and marinated choice cuts, to JFC.

While it fully divests its interest in C-Joy Poultry Realty, JFC said that it is retaining its 30 percent stake in C-Joy Poultry Meats Production.