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Manila Bulletin devider Business devider The Stock Market devider Jollibee buying 60% of HK master franchisee

Jollibee buying 60% of HK master franchisee

Published Apr 5, 2023 07:17 am
Jollibee Foods Corporation (JFC), one of the largest Asian food service companies, is acquiring control of its master franchisee in Hong Kong for $16.08 million. In a disclosure to the Philippine Stock Exchange, Jollibee said it will purchase a majority stake in Meko Holdings Limited (Meko), Jollibee brand’s master franchisee in Hong Kong. Golden Plate Pte. Ltd., a Singapore-based wholly owned subsidiary of Jollibee Worldwide Pte. Ltd. which is 100 percent-owned by JFC will acquire shares from the shareholders of Meko for a total of 60 percent ownership. The remaining 40 percent will continue to be owned by the current shareholders of Meko. The Share Purchase Agreement (SPA) and Shareholders’ Agreement (SHA) are expected to be signed by the parties on April 5, 2023, subject to fulfillment of agreed closing conditions. “Hong Kong is an important market for Jollibee and an important part of JFC China’s strategy to elevate the Jollibee brand in a general population or mainstream market,” the firm said. It added that, “Hong Kong is renowned for its relationship with a vast variety of food and attracts both a strong base of local consumers and tourists. Upon completion of this transaction, JFC will have 60 percent ownership of this once 100 percent franchised market.” At the end of February 2023, the JFC Group operated 6,506 stores worldwide: Philippines (3,281) and International (3,225): 501 in China, 385 in North America, 333 in EMEAA, 640 with SuperFoods mainly in Vietnam, 1,079 with CBTL and 287 with Milksha. Its largest brands by store outlets worldwide are Jollibee with 1,594, Coffee Bean and Tea Leaf 1,079, Chowking 613, Mang Inasal 571 and Highlands Coffee 610.
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