Image via WikipediaMANILA, Philippines – Jollibee Foods Corporation (JFC), through subsidiary Jollibee Worldwide Pte. Ltd, has signed a RMB 30 million share purchase agreement with Guangxi Zong Kai Food Beverage Investment Company Ltd for the acquisition of 55 percent of Guangxi San Ping Wang Food and Beverage Management Company.
In a disclosure to the Philippine Stock Exchange, JFC said the target firm operates the San Pin Wang beef noodle business. It has 34 stores located mostly in Nanning City in Guang Xi Province in South China.
The agreement is in line with the framework agreement which was signed last April which provided for the eventual joint ownership of San Pin Wang.
Jollibee will pay RMB 30 million for the 55 percent stake while GZK will retain 45 percent. As joint venture partners by the first quarter of 2011, Jollibee and GZK will invest RMB 20 million with for the expansion of San Pin Wang.
As part of its overseas expansion, Jollibee Worldwide recently signed a joint venture agreement with Hua Xia Harvest Holdings Pte. Ltd. of Singapore to put up a P340.34 million commissary in China.
JFC said they have formed Jollibee Foods Processing Pte. Ltd., a Singaporean Company, that is 70 percent-owned by JWPL while Hua Xia Harvest has a 30 percent share.
The new firm will undertake food manufacturing operations to supply products to food service businesses’primarily the Jollibee Group of Companies.
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