Victor Agustin
Inquirer News Service

JOLLIBEE chairman and president Tony Tan Caktiong, for still unclear reasons, has been steadily whittling down his personal shareholdings in the country's No. 1 fast-food chain.

From end-2000 shareholdings equivalent to 2.52 percent, Tan reported that his personal shareholdings in Jollibee Foods Corp. had now been reduced to 1.79 percent.

Just this Nov. 5, Tan sold 130,000 JFC shares at P31 a share, locking in this year's highest price so far for the fast-food stock.

Along with Tan, Honeyworth Corp., whose chairman and president happens to be his brother-in-law, Antonio Chua Poe Eng, also unloaded an identical 130,000 JFC shares, also at P31 per, also on the same day.

Before the Nov. 5 sale, Tan reported owning 17,587,203 JFC shares as of end September, considerably way below the 25,435,254 shares he had as of end-2000.

Still, that bloc is worth, at yesterday's closing of P30, over P525 million. And that does not include Tan's other shareholdings in related family corporations that own JFC and JFC subsidiaries or affiliates.

Forbes earlier this year guesstimated that the 54-year-old Tan, who founded Jollibee in 1978 along with his brothers, is now worth $270 million net, or about P1.52 billion.

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