Jollibee discontinues 12 Hotpot venture in China
MANILA – Jollibee Foods Corp said Thursday its subsidiary operating in Shanghai discontinued operations, allowing it to focus on its larger businesses in China.
The company 48-percent owned by Jollibee, 12 Hotpot Food and Beverage Management, discontinued operations effective Tuesday. It had 16 stores in Shanghai, Jollibee told the stock exchange.
“JFC will focus on building its larger and fast-growing business in China and other parts of the world,” the country’s largest fast food operator said.
Jollibee’s businesses in China include 305 Yonghe King stores, 44 Hong Zhuang Yuan outlets and 18 Dunkin Donuts branches. Its Happy Bee Foods Processing Co supplies products to the restaurants.
It divested from another venture, San Ping Wang in December 2016 when it had 72 stores.
Jollibee said 12 Hotpot was not included in its financial statements because it did not hold a majority stake in the company. |
