Jollibee: Fastfood giant buys into Chinese noodle chain

Manila / PH. (jfc) Jollibee Foods Corporation, the Philippines´ largest fast food group, has bought a majority stake into a Chinese-based restaurant chain, the company told the Philippine Stock Exchange. «Jollibee Foods, through its wholly owned subsidiary Jollibee Worldwide Pte. Ltd. signed an agreement to enter into a joint venture with Guangxi Zong Kai Food and Beverage Investment Co. Ltd.», the company said in its statement. Under the deal signed on April 30, Jollibee will spend 30 million Renminbi Yuan (CNY) – about 4,39 million USD – to take a 55 percent stake in Chinese restaurant chain San Ping Wang. Jollibee Foods and Guangxi Zong Kai will also spend 20 million CNY (about 2,93 million USD) to expand the restaurant business. «Together with the people from Jollibee Group of Companies, I believe that we will be able to grow San Pin Wang to a very large and successful fastfood chain in China», Jollibee Foods Chairman and Chief Executive Tony Tan Caktiong said in the statement. San Ping Wang has 34 stores in China that are expected to record 100 million CNY (about 14,65 million USD) in revenues this year. The Jollibee group operates the largest quick-service restaurant network in the Philippines with a total of 1’557 stores in the country. There are 686 Jollibee stores nationwide, 399 Chowking Chinese restaurants, 226 Greenwich pizza houses, 207 Red Ribbon bakeries and 24 Delifrance outlets. There are also 15 Manong Pepe restaurants. Jollibee Foods also has 325 stores abroad, including the United States, Vietnam, and China.

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