BIZ BUZZ: Jollibee rides K-wave

MANILA, Philippines – If most of us are riding the K-wave specifically for the music and TV series, Jollibee Foods Corp. (JFC) is capitalizing on another aspect.

The homegrown fast-food giant benefited from its acquisition of Compose Coffee last year, with JFC crediting its 2024 earnings growth to the well-loved South Korean brand.

Now, it looks like it was enough of a push for JFC to venture into yet another Korean brand advertised by some of the country’s most famous artists.

Korean media reported earlier this week that JFC was poised to buy Norang Tongdak, a local chicken franchise.

The Korea Times cited industry officials who said that JFC’s Korean subsidiary was chosen the preferred bidder for 100 percent of Norang Food, the parent firm of Norang Tongdak, for around $95 million.

It noted that JFC would buy the shares from two private equity firms, Corstone Asia and Q Capital Partners.

We’re now on wait-and-see mode as to whether this would push through.

For now, JFC tells Biz Buzz that it “continuously evaluates opportunities for growth, both at the parent level and across its subsidiaries.”

“The Company does not comment on public discourse and affirms its commitment to duly disclose material developments in accordance with the applicable rules and regulations of the Philippine Stock Exchange and the Securities and Exchange Commission,” JFC says.

We’re hoping that more details will be disclosed soon, especially since stock brokers are already taking into account this new development in recommending investors to buy some JFC shares.

Abangan! —Meg J. Adonis