MANILA - TOP Philippines fast food restaurant chain Jollibee Foods said on Tuesday it will acquire a 70 per cent stake in the Lao Dong group of Taiwan, as part of a new expansion drive.
Its wholly-owned unit Jollibee Worldwide Pte. Ltd. will pay 42 million Taiwan dollars (US$1.97 million) next month to the present owners and will invest a further 21 million Taiwan dollars into the joint venture, the listed mother firm told the Philippine Stock Exchange.
Lao Dong's present owners will also invest nine million Taiwan dollars into the business.
'The joint venture was entered into to pursue the operation and further expansion of the Lao Dong business in Taiwan and the introduction of the business into the People's Republic of China,' the Jollibee statement added.
Lao Dong, which has eight stores and a commissary in Taipei, has annual sales of 121.6 million Taiwan dollars, it said.
Jollibee already runs 167 restaurants in China under the Yonghe King, Hongzhuangyuan and Chun Shui Tang brands. -- AFP
