The Philippines’ largest fast food company continues to makes strides offshore as part of its expansion.
Jollibee Foods Corp. announced today that it has acquired 12% equity interest in Chow Fun Holdings LLC, a US-based restaurant operator, for the sum pof $950,000.
Chow Fun runs and manages Jinja Bar and Bistro, an Asian restaurant that has two outlets in New Mexico.
In a statement released, Jollibee explained that the objective for acquiring a stake in Chow Fun is in line with the company’s thrust to “enhance its capability in developing Asian food restaurant concepts for the mainstream consumers in the United States as part of its long-term strategy.”
Last month, the Philippine food giant also acquired a 70% stake in Taiwanese food business, Lao Dong, worth about US$1.4 million.
In the Philippines, Jollibee’s burgers and chicken regularly outperform global fast food giants McDonald’s and KFC.
