Jollibee: buys Chinese restaurant chain

Manila / PH. (jfc) Jollibee Foods Corporation, operator of the Philippines largest fast food network, has acquired Chinese restaurant chain Hongzhuangyuan for approximately 50,5 million USD. According to a statement from the Philippine Stock Exchange, the acquisition is part of Jollibee´s strategy of building its business abroad and expanding its presence in China. Hongzhuangyuan has 33 outlets, mostly in Beijing. However, another five restaurants will be built by the time the acquisition is finalised in several months, said Jollibee. The Filipino fast-food giant earlier took control of Chinese Yonghe King.

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