Jollibee buys out partner stake in Chinese food firm
Homegrown fastfood giant Jollibee Foods Corp. has acquired an additional 30 percent stake in Happy Bee Foods Processing Pte. Ltd., giving it full ownership of the food processing facility in China.
The shares were acquired from partner Hua Xia Harvest Holdings Pte. Ltd.
Jollibee conveyed $10.34 million worth of manufacturing facility assets to Hua Xia as payment for the shares.
Happy Bee operates a manufacturing facility in Anhui, China that currently services the requirements of Jollibee’s Yonghe King business.
JFC said the acquisition of 100 percent ownership of Happy Bee would allow the group to further expand the Yonghe King business.
Yonghe King is JFC’s largest business in China with 316 stores as of the end of October this year and contributes eight percent to JFC’s system wide sales worldwide.
“With the change in ownership, Happy Bee will no longer produce and sell food products to institutions other than JFC’s restaurant businesses,” JFC said.