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Manila Bulletin devider Business devider The Stock Market devider Jollibee takes bite out of Taiwan's growing wellness food scene, buys Moon Moon Food

Jollibee takes bite out of Taiwan's growing wellness food scene, buys Moon Moon Food

Published Jan 6, 2025 02:42 am

Jollibee Foods Corporation, one of the largest Asian food service companies, is acquiring a controlling interest in the leading Chinese wellness soup brand in Taiwan through its subsidiary Milkshop International Co. Ltd. (Milksha) for P183.5 million.

In a disclosure to the Philippine Stock Exchange (PSE), Jollibee said 51 percent-owned Milksha has signed an agreement for a strategic investment securing a 70 percent stake in Tien Hsia Sheng Co., Ltd. (Moon Moon Food).

Milksha is an alternative healthy beverage brand in the tea segment, giving Jollibee the opportunity to participate in the fast-growing beverage category globally.

“This strategic move reinforces Milksha’s position as a leader in the Tea segment in Taiwan by accretively integrating Moon Moon Food’s resources and complementary offerings to enhance ability to meet evolving customer needs, further strengthening scale, valuation and expanding consumer base of Milksha,” it explained.

Moon Moon Food is renowned as the "leading brand in Chinese Wellness Soups." It is a highly popular restaurant brand in Taiwan, recognized by the Michelin Bib Gourmand for seven consecutive years (2018 to present).

It currently operates a profitable business with 13 outlets in Taiwan and opened its first international branch in Singapore in 2024.

Through a share sale and purchase agreement with sellers Yung-Cheng Lai and Hsin-Ning Lo, Milksha is acquiring 980,000 Moon Moon Food shares at NT$105.92 per share for a total price of NT$103.8 million.

Yung-Cheng Lai, Moon Moon Food Founder and CEO, will retain ownership of the 30 percent minority interest in Moon Moon Food.

The purchase price was determined via a multiples-based valuation anchored on Moon Moon Food's fiscal year 2023 net profit after tax. Payment will be made upon completion of standard conditions precedent.

Once the transaction is completed, Moon Moon Food will be consolidated into Milksha's portfolio and financial reports. Correspondingly, JFC will take on 51 percent of any acquisition impact to Milksha.

Related Tags

Milkshop International Co. Ltd. (Milksha) Milksha Moon Moon Food Jollibee Foods Corporation Tien Hsia Sheng Co. Ltd.
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