MANILA -Billionaire Tony Tan Caktiong’s Jollibee Foods Corp. will stop operating PHO24 restaurants in the Philippines and overseas after agreeing to sell the unit to a foreign partner.
The fast food giant is exiting the Vietnamese noodle chain venture, which it hoped to expand to over 100 domestic outlets during the pandemic after acquiring the company in 2018.
Jollibee said it wanted to focus on growing new businesses such as Tim Ho Wan, Yoshinoya and Milksha.
In a stock exchange filing on Wednesday, Jollibee said it agreed to sell assets of PHO24 to East-West Restaurant Concepts, a wholly-owned subsidiary of Viet Thai International Joint Stock Co.
PHO24 operates 14 company-owned restaurants in Vietnam. It also operates a pho factory in Vietnam.
“The franchise agreement for the operation of PHO24 stores in the Philippines was also terminated,” Jollibee said.
Jollibee, which also owns local restaurants Mang Inasal, Red Ribbon and Chowking, ended the first quarter of 2023 with 6,542 stores worldwide.