With Jollibee Foods Corp. set to take over Mang Inasal, Edgar Injap Sia, founder and chief executive officer of the restaurant chain, said he would remain active in the management of Mang Inasal.
In a letter addressed to the “Mang Inasal Family”, Sia expressed “deep sadness” for handing over the care of the restaurant to another, but added that beyond the pain, he is “ecstatic and in high spirits knowing that the future of my seven-year old child is secured and filled with great optimism.”
Sia said that he and Ferdinand Sia, Mang Inasal chief operating officer, will be retaining two board seats in the restaurant.
“We will remain part of the management committee in the coming years. Thus keeping the easy access you enjoyed throughout the years. This will also guarantee that your voice will be heard every step of the way,” Sia said, assuring the numerous franchisees of Mang Inasal. [See factors to consider when franchising abroad here]
JFC is the country\\\'s largest conglomerate in the quick service restaurant industry, with brands like Jollibee, Chowking, Greenwich, Manong Pepe’s, and Red Ribbon Bakeshop. [Read about Jollibee\\\'s business model here]
The sale, according to Sia, will pave the way for the realization of his vision to offer Mang Inasal shares to the public next year, citing JFC\\\'s vast resources and experience in the fast food restaurant sector.
Besides taking the company public, Sia said the sale will improve Mang Inasal\\\'s cost of operations, and organization management.
“Knowing that (JFC’s) Tony Tan Caktiong share the values and business principles I have, I know that my vision of better quality lives for the Pinoy Diners and Pinoy Entrepreneur will live,” Sia said.
Mang Inasal, Sia added, is on its way to becoming "global" and strengthening its brand that will make Filipinos "proud".
JFC, which owns two brands in China and whose stores are present in the US, Brunei, Vietnam and Indonesia, earlier announced that it is set to acquire 70 percent of Mang Inasal for P3 billion.