Jollibee Foods Corp is now the sole owner of Smashburger. Smashburger's Twitter Page
MANILA - Jollibee Foods Corp on Friday said it has taken full ownership of US-chain Smashburger, raising its stake from 85 to 100 percent.
In a disclosure to the stock exchange, JFC said its subsidiary Bee Good! Inc has acquired Smashburger Master LLC's 15 percent stake for $10 million.
"JFC is now the sole owner of the Smashburger business," the restaurant operator said.
"We look forward to the development of Smashburger into a very strong brand and business in the United States," JFC Chairman Tony Tan Caktiong said in a statement.
Current Country Head for North America Jose Minana will assume additional responsibility as President of Smashburger, JFC said.
Smashburger has 351 stores, mostly in the United States. Jollibee, meanwhile, operates a total of 3,079 restaurant outlets in the Philippines.
-- with a report by Michelle Ong, ABS-CBN News