Jollibee acquires 12% stake in US-based company
Thomson Financial
First Posted 10:59:00 07/28/2008
Filed Under: Food, Stock Activity, Company Information
MANILA, Philippines -- The country's largest fast food chain operator, Jollibee Foods Corp., said Monday its wholly owned subsidiary Jollibee Worldwide Pte. Ltd. has signed an agreement to acquire a 12-percent equity interest in US-based Chow Fun Holdings LLC for $950,000.
Chow Fun operates Jinja Bar and Bistro, which has two restaurants that serve Asian food in New Mexico.
"Jollibee's objective in this venture is to enhance its capability in developing Asian food restaurant concepts for the mainstream consumers in the United States as part of its long-term strategy," it said in a statement.
In June, Jollibee acquired a 70-percent stake in the Lao Dong restaurant business in Taipei for P61.1 million ($1.4 million).
Lao Dong also operates in China where Jollibee has two other restaurant businesses. Jollibee also operates in the United States, the Middle East and Indonesia.
In the Philippines, Jollibee is a popular hamburger and fried chicken brand which outsells McDonald's and KFC.
At 0231 GMT, shares in Jollibee were down 4.1 percent at P35.50.
($1 = P44.00)
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