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Jollibee signs final contract to buy Taipei-based restaurant


MANILA, Philippines- Jollibee Foods Corp., the country's largest owner and operator of fast-food restaurants, announced on Tuesday that it has signed the final agreement for the acquisition of a Taipei-based restaurant. In a statement to the Philippine Stock Exchange, Jollibee Foods said the final contract paves the way for the company to buy 70-percent stake in Lao Dong for P63.1 million. The company has also committed to invest additional P31.6 million in Lao Dong. The present owners, meanwhile, will be investing P13.5 million in the restaurant. "The joint venture was entered into to pursue the operation and further expansion of the Lao Dong business in Taiwan, Republic of China, and the introduction of the business in the People's Republic of China," the company said. The full-service restaurant, which serves beef noodles as its main offering, presently has eight stores and a commissary in Taipei. Besides Lao Dong, Jollibee has also acquired three other Chinese restaurants including Hong Zhuang Yuan for P2.5 billion, fast-food chain Yonghe King for $22.5 million and Chun Shui Tang tea house. As of mid-trading, Jollibee shares were gaining 11.4286 percent at P39.GMANews.T
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