Jollibee Foods Corp. (JFC) said on Wednesday that it is changing its articles of incorporation to enable it to invest in, buy, and sell “real and personal” assets in accordance with its business objectives.
The listed company stated in a regulatory filing that the amendment ensures that its primary purpose “expressly sets” forth the authority of JFC and its units “to invest in, acquire, own, use, and dispose of real and personal properties, of every kind and description” as long as they are in line with the company’s objectives.
It informed the local stock exchange that the suggested amendment had been approved by its investors.
“The amendment will enable the Company to take advantage of a broader range of corporate structures, securities, and financial instruments available in the financial and commercial markets, thereby increasing its economic productivity (related) to the use of properties and assets and strengthening its core business,” JFC stated.
The firm earned P153 million in attributable net profits in the first quarter, reversing a P1.68 billion loss the previous year. This was despite JFC reporting reduced sales in March.
Earlier this year, the company announced plans to issue preferred stock and to redeem up to $250 million in perpetual green bonds via a cash tender offer. It intends to “restructure its financial liabilities in order to improve its balance sheet, spread the maturity of its financial liabilities, and decrease its foreign currency risks” by doing so.