Jollibee to sell stake in Chinese restaurant chain | ABS-CBN
ADVERTISEMENT
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!
Jollibee to sell stake in Chinese restaurant chain
Jollibee to sell stake in Chinese restaurant chain
ABS-CBN News
Published Dec 13, 2016 11:19 AM PHT
MANILA – Jollibee Foods Corp. said Tuesday it will sell its shares in a Chinese restaurant chain to focus on its flagship business in China.
MANILA – Jollibee Foods Corp. said Tuesday it will sell its shares in a Chinese restaurant chain to focus on its flagship business in China.
Jollibee told the stock exchange that its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd. will divest its shareholdings in Guangxi San Pin Wang Food and Beverage Management Company for RMB90 million (about P650 million).
Jollibee told the stock exchange that its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd. will divest its shareholdings in Guangxi San Pin Wang Food and Beverage Management Company for RMB90 million (about P650 million).
Guangxi Zong Kai Food Beverage Investment Company will acquire Jollibee’s 55 percent share.
Guangxi Zong Kai Food Beverage Investment Company will acquire Jollibee’s 55 percent share.
Jollibee said the divestment is part of the fastfood giant's plan "to concentrate its resources on business with greater potential."
Jollibee said the divestment is part of the fastfood giant's plan "to concentrate its resources on business with greater potential."
ADVERTISEMENT
“Jollibee Foods Corps. has decided to focus on building its Yonghe King business, its largest business in China with 315 stores,” it said.
“Jollibee Foods Corps. has decided to focus on building its Yonghe King business, its largest business in China with 315 stores,” it said.
Jollibee shares were up 0.19 percent to P211.80 on Tuesday.
Jollibee shares were up 0.19 percent to P211.80 on Tuesday.
ADVERTISEMENT
ADVERTISEMENT
