By Philippine News Agency
Homegrown food giant Jollibee Foods Corp. (JFC) will sell its 80.55-percent equity share in United States (US) restaurant operator Chow Fun Holdings LLC for USD 1.6 million in order to focus on its larger businesses in the US.
JFC told the local bourse that its wholly-owned subsidiary, Jollibee Worldwide Pte. Ltd. (JWPL), would divest its shareholdings in Chow Fun, the developer and owner of a restaurant concept known as Jinja Bar and Bistro.
Chow Fun has three restaurants in New Mexico, two in Albuquerque and one in Santa Fe.
JFC acquired 12-percent equity share in Chow Fun on July 25, 2008 then increased its shares to 80.55 percent on March 31, 2011.
“JFC’s divestment of its shareholdings in Chow Fun is part of its intention to concentrate its resources in building its larger businesses,” the company said.
The firm has businesses in the US: Jollibee with 34 stores, Red Ribbon with 33 stores and Chowking with 16 stores.
It also has a 40-percent ownership in Smashburger, which has a total of 378 stores, mostly located in the US.
On Dec. 12, JFC announced that JWPL shall divest its shareholdings in Chinese noodle restaurant chain Guangxi San Pin Wang Food and Beverage Management Company Limited (San Pin Wang) for Renminbi 90 million.
JFC operates the largest food service network in the Philippines. As of Oct. 31, 2016, it was operating 2,565 restaurant outlets in the country. The JFC Group had a total of 3,236 stores worldwide.
It has also a 50-percent interest in joint ventures for Highlands Coffee and Pho 24; a 48-percent interest for 12 Hotpot and a 40-percent interest in Smashburger that has 378 outlets, mostly in the US. These joint ventures have a total of 594 stores worldwide.