(AFP) – Sep 20, 2007
MANILA (AFP) — Philippine fast-food giant Jollibee Foods Corp. said Friday it had acquired the Chinese restaurant chain Hongzhuangyuan for about 50.5 million dollars.
The acquisition is part of Jollibee's strategy of building its business abroad and expanding its presence in China, Jollibee Foods said in a statement.
Hongzhuangyuan, which has most of its restaurants in Beijing, has 33 outlets.
But that will have grown to 38 by the time the acquisition is finalised in several months, the statement said.
The acquisition will be paid from the publicly-listed company's existing funds, it added.
Jollibee has acquired other restaurant chains in recent years, including the Shanghai-based Yonghe King chain and firms in the Philippines.
Jollibee Foods, which started out selling hamburgers, now operates 1,385 hamburger, pizza, baked goods and Chinese food restaurants in the Philippines with over 200 outlets in other countries.
Trading in Jollibee shares was suspended Friday pending the disclosure of all the terms and conditions of the deal, the Philippine stock exchange said.
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