MANILA, Philippines - Fast food giant Jollibee Foods Corp. has completed the sale of its French pastry store Delifrance to a subsidiary of listed Euro-Med Laboratories Philippines Inc.
"The sale and purchase of assets of the Delifrance business unit between JFC's wholly-owned subisidiary, Fresh N' Famous Foods Inc., and CaféFrance Corp. was completed on December 31, 2010," the company told the Philippine Stock Exchange in a disclosure on Monday.
It added Fresh N' Famous also terminated its franchise agreement with Delifrance Asia Ltd. on the same date.
Jollibee signed a deal in September to sell Delifrance to CaféFrance for P100 million. The sale was part of its strategy to focus its resources on building larger quick service restaurant chains.
CafeFrance, with an authorized capital of P500 million, is a unit of publicly listed Euro-Med Laboratories.
Delifrance started operations in the Philippines in 1995 as a joint venture with Delifrance Asia Ltd. and as an exclusive franchise of Jollibee since 2006.
There are 23 Delifrance outlets in the country, 20 of which are company-owned, 3 are franchises and 2 are satellite booths.
Jollibee operates the Philippines’ largest fast food network of 1,578 stores as of end-September. Its other brands include Chowking, Greenwich, Red Ribbon, and Manong Pepe.
Overseas, it runs 375 stores: Jollibee (64 mainly in the US); Red Ribbon (38 all in the US); Chowking (19 in the US and 15 in Dubai); Hong Zhuang Yuan (51 in China).