Jollibee Foods is expanding its footprint in the largest consuming country in the world—Chain.
The Philippine’s largest fast food chain acquired 100 percent ownership of Hongzhuangyuan, a chain of restaurant located mostly in Beijing china for Php 2.5billion.
Hongzhuangyuan operates a total of 37 restaurant, 31 of which are company-owned, all located in Beijing, and six are franchised stores situated in other cities in China. It has added five company –owned restaurant since the initial agreement was signed in September 2007.
JFC pointed out the Hongzhuangyuan business, which serve mainly congee dishes, “is quit profitable and has no debt.”
The Jollibee Group is the largest restaurant network in the Philippine’s with 1,689 operating stores worldwide. Of the total, 1,480 are located in the Philippines while remaining 209 stores are based overseas.
JFC Chairman and the chief executive officer Tony Tan Caktiong said the acquisition is in line with the group’s strategy to continue building its business abroad and expanding its presence in china. JFC also owns the Yonghe King restaurant chain, a fastfood-style business based in Shanghai.
“ We are encourage by our continued progress in foreign business including Yonghe King in china. Hongzhuangyuan will be a strong addition to our presence in china in terms of arket segment and geographical coverage,” Tan Caktiong earlier said.
Tan caktiong said Hongzhuangyuan offers a variety of local Chinese food centered around congee.
He said JFC, however, will continue to strengthen and defend the leadership positions of its brands in the Philippines, which remains its most importantmarket.
Just recently, JFC signed an agreement to acquire a 12 percent atake in US-based Chow Fun Holdings LLC, which owns a casual dining restaurant serving Pan-Asia food, for roughly Php43 million chow fun’s jinja bar and bistro serves southeast Asian cuisines. Featuring favorite dishes from japan, china, Thailand, Vietnam, Malaysia,...