Philippines' Jollibee says looking to buy 1 or 2 more foreign firms

MANILA (REUTERS) - Philippine fast-food chain Jollibee Foods Corp said on Monday (Nov 23) it was looking to acquire one or two more foreign-owned food suppliers in deals that would be of the same size or larger than a recent US$99 million (S$140.4 million) purchase of 40 per cent of US-based chain Smashburger.

The company, which outsells McDonalds Corp and Yum Brands Inc's KFC restaurants in the South-east Asian nation, is hoping acquisitions, including possibly of start-ups, will help it reach its target of becoming one of the top five in market value among global food suppliers.

"Maybe we need one or two more acquisitions," Jollibee chairman Tony Tan Caktiong told reporters. "It will have to be similar size or bigger ones that will really help on the financial side."

(this story is developing)