Jollibee divests stake in US restaurant chain
Jollibee Foods Corp. (JFC), through subsidiary Jollibee Worldwide Pte. Ltd., is divesting its shareholdings in Chow Fun Holdings LLC to focus its resources on building larger businesses. File photo
MANILA, Philippines - Jollibee Foods Corp. (JFC), through subsidiary Jollibee Worldwide Pte. Ltd., is divesting its shareholdings in Chow Fun Holdings LLC to focus its resources on building larger businesses.
JWPL has 80.55 percent equity in Chow Fun, the developer and owner of a restaurant concept known as Jinja Bar and Bistro, which has three restaurants in New Mexico, two in Albuquerque and one in Santa Fe.
JFC’s divestment of its shareholdings in Chow Fun was in line with its intention to concentrate its resources on building its bigger businesses in the US.
The local fastfood giant has the following businesses in the United States: Jollibee 34 stores, Red Ribbon 33 stores and Chowking 16 stores. It also has a 40 percent ownership in Smashburger which has a total of 378 stores.
JFC initially acquired a 12 percent stake in Chow Fun in 2008 then increased its shares to 80.55 percent in early 2011.
In China, JWPL also divested its shareholdings in Guangxi San Pin Wang Food and Beverage Management Co. Ltd. in favor of its partner Guangxi Zong Kai Food Beverage Investment Co. Ltd.
At present, JFC operates the largest food service network in the Philippines with a total of 2,565 restaurant outlets as of the end of October, broken down as follows Jollibee 954, Chowking 465, Greenwich 241, Red Ribbon 385, Mang Inasal 453 and Burger King 67.
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