Thursday, January 26, 2012

News Update Philippines' Jollibee buys half of SuperFoods

MANILA, Philippines (AP) — Philippines fast-food giant Jollibee Food Corps. says it has bought a 50 percent stake in Asian food company SuperFoods Group.
Superfoods owns and operates Highlands Coffee Shops in Vietnam; Highlands Coffee Packaged Products; Hard Rock Cafe franchises in Macau, Hong Kong, and Vietnam; and the Pho 24 brand and restaurants in Vietnam, Indonesia, Philippines, Hong Kong, Cambodia, and Japan.
Jollibee said Tuesday the $25 million investment is part of its joint-venture with Vietnam-based Viet Thai International Stock Company. The deal also involves a $35 million loan to Viet Thai, with Jollibee already advancing $5 million to SuperFoods.
The purchase gives Jollibee a 49 percent stake in SF Vung Tau Joint Stock Company, and a 60 percent stake in Blue Sky Holdings Limited which are vehicles for SuperFoods brands.