Jollibee acquires stake in US-based restaurant operator

MANILA, Philippines - Jollibee Foods Corp (JFC), the Philippines’ largest fastfood company said on Monday it acquired a stake in a US-based restaurant operator. In a statement to the Philippine Stock Exchange (PSE), the company said its wholly-owned subsidiary Jollibee Worldwide Pte Ltd bought a 12-percent equity in Chow Fun Holdings, LLC, which owns and develops Jinja Bar and Bistro in the US. The $950,000 acquisition was made “to enhance its capability in developing Asian food restaurant concepts for the mainstream consumers in the United States as part of its long-term strategy," the company said. “Jinja Bar and Bistro serves Asian cuisine adapted to Western preferences to mainstream American consumers. It presently has two restaurants in New Mexico, one in Sta. Fe and another in Albuquerque," the statement said. This is the third overseas acquisition of JFC following Yonghe King and Chun Sui Tang in China. JFC operates 51 restaurants in the US as of June 30, 2008 including Jollibee, Red Ribbon, and Chowking. The company also said it is looking to open more stores in the US, Canada, and Hawaii. In the Philippines, JFC has a total of 1,479 stores including Jollibee, Chowking, Greenwich, Red Ribbon, Delifrance and Manong Pepe. Overseas, it has 207 stores including those of Yonghe King and Chun Sui Tang’s. - Cheryl M. Arcibal, GMANews.TV