JFC to halt PHO24 operations in Philippines


Posted at May 10 2023 03:31 PM

MANILA — Jollibee Foods Corp said on Wednesday it would discontinue its PHO24 operations to focus on growing its new businesses. 

SuperFoods Group, which owns Highlands Coffee and PHO24 signed deals to transfer assets of PHO24 to East-Est Restaurant Concepts, JFC said in a disclosure to the stock exchange.

PHO24 operates 14 stores in Vietnam. JFC said it previously had a franchise agreement for the operation of PHO24 stores in the Philippines, which is now also terminated.

"PHO24’s operating assets shall be transferred from SuperFoods Group to the Acquiring Company, which is a wholly-owned subsidiary of Viet Thai International Joint Stock Company (VTI). VTI is the partner of JFC’s wholly owned subsidiary, JSF Investments Pte. Ltd. (JSF) in the SuperFoods Group," it said.

"The JFC Group will concentrate its resources in building and growing its new businesses: Tim Ho Wan, Yoshinoya and Milksha," it said. 

JFC said it has a joint venture agreement with the Tim Ho Wan Group to open and operate the brand in Mainland China.

In 2021, JFC said it has completed the buyout of its partners in the fund that owns Tim Ho Wan. Tim Ho Wan is targeting to open 100 restaurants within the next few years in China "which remains one of the JFC Group's four pillar markets." 

In addition, JFC also has a 50/50 joint venture with Yoshinoya International Philippines. They plan to open 50 stores in the Philippines in the long-term, it said. It currently has 7 stores in the country.

In February 2022, the JFC Group said its subsidiary Jollibee Worldwide Pte. Ltd completed the acquisition of 51 percent stake in Milkshop International Co. Ltd, who owns the popular Taiwanese bubble tea brand Milksha.

Milksha operates 283 outlets, out of which 260 are in Taiwan, 11 in Hong Kong, 3 in Australia, 7 in Singapore and 1 in Canada and the UK.

"JFC will continue to drive strong sustainable profitable growth of these new businesses, along with its other businesses in the years ahead," it said. 

As of the end of January 2023, the JFC Group network stood at 6,481 stores globally.

JFC said it aims to become among the world's top 5 largest restaurant operator.


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