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Jollibee to seal purchase of Beijing congee chain in October

By Elizabeth Sanchez-Lacson
Philippine Daily Inquirer
First Posted 14:09:00 08/26/2008

Filed Under: Food, Mergers - Acquisitions - Takeovers, Stock Activity, Company Information

MANILA, Philippines -- Fast food giant Jollibee Foods Corporation on Tuesday said it signed an agreement to complete the 100-percent acquisition of Beijing-based congee chain Hongzhuangyuan for $55.5 million (P2.5 billion).

The actual purchase and transfer of ownership to Jollibee may take place in October 2008, subject to approval by the Ministry of Commerce of the People's Republic of China.


Copyright 2009 Philippine Daily Inquirer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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