Former Jollibee brand gets fresh investments from owner

Listed pharmaceutical firm Euro-Med Laboratories Philippines Inc. has hiked its investment in its wholly owned subsidiary CafeFrance Corp., formerly Delifrance, the company told the Philippine Stock Exchange on Tuesday. In a statement, Euro-Med said its board of directors approved the increase of its investment in CafeFrance from P150 million to P300 million. Owing to the additional investment, CafeFrance's authorized capital stock will also increase from P500 million to P1 billion. "Additionally, the board approved the increase of directors of CafeFrance Corp., from five directors to seven directors," Euro-Med added. Last year, fastfood giant Jollibee Foods Corp. sold its stake in then Delifrance, saying that it would focus its efforts to grow also then newly-acquired Mang Inasal and other existing brands. Jollibee Foods said its wholly-owned subsidiary Fresh N' Famous Foods Inc. agreed to sell the Delifrance business to CafeFrance for P100 million in cash. Delifrance began its operations in the country in 1995 and went on to become a wholly-owned franchise of Jollibee Foods since 2006. -- CMA/OMG, GMA News