Jollibee to buy 54% stake in Burger King

(Updated 3:27 pm.) Jollibee Foods Corp. said Friday it is buying a 54-percent stake in BK Titans Inc., owner of PERF Restaurants Inc., the Philippine franchise holder of the Burger King brand. “JFC’s acquisition of the majority interest in BK Titans Inc. will enable it to have presence in the premium price segment of the hamburger category in the Philippine fast-food market," Jollibee said in a disclosure with the Philippine Stock Exchange. “Jollibee Foods Corp expects the premium price segment of the fast-food market to grow appreciably in the years ahead as the Filipino consumer’s standard of living rises from the growing economy," it added. The country’s largest fast-food chain said it signed an agreement Friday with BK Titans on the equity-purchase deal. PERF Restaurants operates 23 Burger King restaurants in the Philippines, mostly in Metro Manila, and generates P800 million in yearly revenues. Its profitability stems from selling hamburgers, fried chicken and French fries — its core products. The second largest fast food hamburger chain in the world, the Miami-Florida-based Burger King was founded in 1954. It has since grown to 12,300 locations in 78 countries and territories, serving 11 million customers daily. About 90 percent of Burger King restaurants are owned and operated by independent franchisees, with Singapore-based BK Asiapac Pte. Ltd. managing BK Titan’s business in Asia. The JFC Group of Companies operates the Philippines largest fast food network, with 1,941 stores in the country as of Aug. 31. Its brands include Jollibee, Chowking, Greenwich, Red Ribbon, Caffe Ti Amo and Mang Inasal. It operates 437 stores worldwide. — VS, GMA News