JFC believes the additional funding from preferred shares was deemed unnecessary due to strong profits and cash flow from its Philippine business.
Other factors in their decision include plans to cut the 2024 capital spending budget of P23 billion by 20 percent, expected rate cuts for favorable bank loans, and profit contributions from the consolidation of Compose Coffee.
“Following careful consideration of all relevant factors and in the interest of achieving the best value for our shareholders, we have made the decision to withdraw our previously announced public offering of Series C Preferred Shares,” Jollibee chief finance officer Richard Shin said.
“We will explore other capital raising opportunities, focused on shareholder value and optimization of our capital structure,” he added.
