A director at Jollibee Foods Corp. cashed in on a recent rebound in the fast-food giant’s stock price, diverging from the founding Tan family and top executives who have spent months aggressively buying up shares to shore up the market valuation.

Antonio Chua Po Eng, a Jollibee director and the brother-in-law of founder Tony Tan Caktiong, offloaded a total of 404,000 shares on June 25 through Honeyworth Corp., according to a regulatory disclosure filed with the Philippine Stock Exchange on Wednesday, July 1.

The shares were sold at prices ranging from ₱133 to ₱136 each, with a volume-weighted average of ₱133.7348, netting total proceeds of ₱54 million. The divestment followed a smaller transaction on June 24, when Chua Po Eng sold 3,000 shares at ₱132.50 apiece.

The insider selloff contrasts sharply with a concerted buying campaign by the company’s controlling shareholders and key management. On the same day as Chua Po Eng’s ₱54 million divestment, Hyper Dynamic Corp., an investment vehicle owned by the Tan family, purchased 230,410 Jollibee shares from the open market for ₱30.91 million, averaging ₱134.1428 per share.

Jollibee Treasurer Don Alexander C. Lim also joined the buy-side, purchasing 2,000 shares at ₱132.60 each in a visible show of confidence.

The buying momentum was even more pronounced in the preceding sessions. On June 24, Hyper Dynamic acquired 195,000 shares for ₱24.6 million at an average price of ₱131.29 per share, while Lim picked up 4,050 shares at a weighted average of ₱130.4664.

A day prior, on June 23, Lim bought 8,950 shares at roughly ₱120.4022, while the Tan family’s vehicle absorbed 69,580 shares for ₱8.43 million at an average of ₱121.2114.

Exchange records reveal that the founding family has been intervening in the market almost daily throughout June, with accumulation starting as early as April and May.

The persistent buybacks were triggered by a prolonged slump in Jollibee’s share price, driven by growing investor anxiety over the capital requirements and execution risks of the company’s aggressive overseas expansion strategy.