Jollibee completes sale of China restaurant stake
By Iris Gonzales (The Philippine Star) | Updated January 5, 2017 – 12:00am
http://www.philstar.com/business/2017/01/05/1659611/jollibee-completes-sale-china-restaurant-stake
MANILA, Philippines – Jollibee Foods Corp., Asia’s largest food service company, has completed the sale of its 55 percent stake in Guangxi San Pin Wang Food and Beverage Management Co., a Chinese restaurant chain.
With the completion of the divestment, GZK is now the registered owner of 100 percent of San Pin Wang.
San Pin Wang has grown profitability with a total of 71 stores as of the end of November. Most of its stores are located in Guangxi province in the southern part of China.
JFC sold its stake in the Chinese restaurant chain to focus on building Yonghe King business, its largest business in China with 315 stores as of Nov. 30, 2016.
It plans to continue expanding in 2017 and in the years ahead.
JFC operates the largest food service network in the Philippines, with a total network of 2,565 outlets as of the end of October, broken down as follows Jollibee (954), Chowking (465), Red Ribbon (385), Mang lnasal (453) and Burger King (67).
Overseas, it had 671 stores: 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.
Worldwide, the JFC Group had a total of 3,236 stores as of the end of October 2016.
