JFC completes sale of Chow Fun
By Iris Gonzales (The Philippine Star) | Updated December 27, 2016 – 12:00am
http://www.philstar.com/
MANILA, Philippines – Jollibee Foods Corp. has completed its divestment in a food company in the US as it focuses on its bigger businesses such as Smashburger.
In a disclosure to the Philippine Stock Exchange last week, JFC said its wholly owned subsidiary Jollibee Worldwide Pte. Ltd. completed the sale of its 80.55 percent stake in Chow Fun Holdings LLC for $1.6 million.
Chow Fun is the developer and owner of a restaurant concept known as Jinja Bar and Bistro, which has three restaurants in New Mexico, two in Albuquerque and one in Santa Fe.
JFC said the divestment of its shareholdings in Chow Fun is part of its intention to concentrate its resources on building its larger businesses.
Its businesses in the US include Jollibee (34 stores), Red Ribbon (33 stores) and Chowking (16 stores). It also has a 40 percent ownership in Smashburger which has a total of 378 stores, mostly located in the US.
JFC initially acquired a 12 percent stake in Chow Fun in 2008 then increased its shares to 80.55 percent in early 2011.
In China, JFC, through wholly owned subsidiary JWPL, divested its shareholdings in Guangxi San Pin Wang Food and Beverage Management Co. Ltd., in favor of its partner Guangxi Zong Kai Food Beverage Investment Co. Ltd.
At present, JFC operates the largest food service network in the Philippines.
As of Oct. 31 this year, the group was operating 2,565 restaurant outlets in the country: Jollibee 954, Chowking 465, Greenwich 241, Red Ribbon 385, Mang Inasal 453 and Burger King 67.
Abroad, it had 671 stores as of the same period, comprising Yonghe King (China) 316, Hong Zhuang Yuan (China) 42, San Pin Wang (China) 68, Dunkin Donuts (China) 8, Jollibee 157 (US 34, Vietnam 80, Brunei 14, Saudi Arabia 10, Qatar 4, Kuwait 4, Hong Kong 2, Singapore 4, Bahrain 1 and UAE 4), Red Ribbon in the US 33, Chowking 44 (US 16, UAE 19, Qatar 4, Oman 2, Kuwait 2 and Saudi Arabia 1), Jinja Bar (US) 3.
JFC had a group-wide store network 3,236 worldwide as of end-October.
It also has a 50 percent interest in joint ventures for the following stores: Highlands Coffee (Vietnam, Philippines) 159, Pho 24 (Vietnam, Indonesia, Cambodia, Korea and Australia) 33, and others 8.
The group also has a 48 percent interest in joint venture for 12 Hotpot (China) 16 and a 40 percent interest in Smashburger that has 378 outlets, mostly in the US.
These joint ventures have a total of 594 stores worldwide, which are not included in JFC’s consolidated store count.
