Philippine's Delifrance now wholly-owned by Jollibee

Jollibee Foods Corp., the country's largest fastfood operator, said Friday it had acquired the remaining 50 percent of Baker Fresh Foods Philippines Inc., the sole franchisee of the Delifrance brand in the country, making it the sole owner of Delifrance. Until the acquisition, Delifrance in the Philippines had been a joint venture between Jollibee and Delifrance Asia Ltd., with each firm owning 50 percent of the French cafe and bakery chain. Jollibee said the purchase of the 50 percent stake involved a restructuring of advances made by the firm. "The acquisition involved a restructuring of all advances by JFC and Delifrance Asia amounting to P130 million into into equity," the statement said. In a statement sent to the Philippine Stock Exchange, Jollibee said good sales from the brand encouraged the firm to buy out its partner. "Delifrance is a good brand and its sales in the Philippines hs been growing remarkably in the past twenty four months," Jollibee chair and CEO Tony Tan Caktiong said. - Patricia de Leon, GMANews.TV