Jollibee raises stake in US resto for $3.24-M

ABS-CBN News

Posted at Mar 31 2011 05:28 PM | Updated as of Apr 01 2011 01:28 AM

MANILA, Philippines - Homegrown fast food giant Jollibee Foods Corp. has beefed up its stake in US restaurant operator Chow Fun Holdings LLC in a deal valued at $3.24 million.

In a disclosure to the stock exchange, Jollibee said its wholly owned subsidiary Jollibee Worldwide Pte Ltd. acquired 2,400 Chow Fun shares from Aspen Partners LLC, bringing its stake to 80.6% from the previous 12%.

Chow Fun is the developer and owner of Jinja Bar and Bistro in New Mexico USA. It has 3 restaurants in New Mexico, 2 in Albuquerque and one in Sta. Fe. Jinja Bar and Bistro serves Asian cuisine.

"Jollibee's objective in this venture is to enhance its capability in developing Asian food restaurant concepts for the mainstream consumers in the United States as part of its long-term strategy," the company said.

Jollibee is the Philippines' largest fast food chain operator, with 1,921 stores nationwide. Overseas, the company has 395 stores.

Jollibee posted a net income of P3.1 billion in 2010, up 16% from P2.6 billion in 2009, boosted by higher sales.