Metro Manila, Philippines, March 9, 2012 - Jollibee Foods Corporation (PSE: JFC) -
Jollibee Foods Corporation (JFC), through its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd., completed today its acquisition of 55% of Guangxi San Pin Wang Food and Beverage Management Company Limited ("San Pin Wang") which operates the San Pin Wang beef noodle business in South China. The remaining 45% is held by Guangxi Zong Kai Food Beverage Investment Company Limited ("GZK").
San Pin Wang is a fast food chain serving Chinese cuisine, primarily low-priced beef noodles with total sales of RMB 110 million in 2011. It consists of 34 stores located mostly in Nanning City in Guang Xi Province in South China.
This acquisition is pursuant to the framework agreement which was signed on April 30, 2010 and the share purchase agreement signed on October 26, 2010. JWPL is investing RMB30 million for its stake in San Pin Wang. As joint venture partners, JWPL and GZK will also place additional investments totaling RMB 20 million into this fast food chain in anticipation of its expansion.
JFC and its partner GZK aim to serve high quality but low-priced San Pin Wang noodles to consumers in urban areas in China. SPW plans to expand its operations to other cities in the years ahead.
The Jollibee Group presently owns and operates two businesses in the People's Republic of China Yonghe King that was acquired in 2004 and Hong Zhuang Yuan that was bought in 2008. As of January 31, 2012, the two businesses combined had a total of 319 stores, which accounted for 11% of the Jollibee Group's worldwide system wide sales, a measure of all sales to consumers. both from company-owned and franchised stores. The Jollibee Group also has a 70% interest in Jollibee Foods Processing Pted. Ltd., a commissary in Shucheng, Anhui Province.
The Jollibee Group of companies operates the largest restaurant network in the Philippines. As of January 31, 2012 it was operating a total of 1,997 stores in the country: Jollibee brand 746. Chowking 386, Greenwich 204, Red Ribbon 207. Mang 1nasal 430 and Burger King 24. Abroad, it was operating 469 stores: Yonghc King 266, Hong Zhuang Yuan 53. Jollibee 78 (US 27, Vietnam 31. Brunei 11, Jeddah 7, Hongkong and Qatar, 1 each), Red Ribbon in the US 33. and Chowking 39 (US 19, Dubai 16, Indonesia 2 and Qatar 2), for a total of 2,466 stores worldwide.
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