MANILA, -- Homegrown fast food giant Jollibee Foods Corp. (JFC) on Tuesday said it will sell its 55-percent share in a Chinese noodle restaurant chain for Renminbi 90 million (Php649.20 million), in a bid to focus on larger businesses in China.
In a disclosure to the Philippine Stock Exchange, JFC said its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) would divest its shareholdings in Guangxi San Pin Wang Food and Beverage Management Company Limited (San Pin Wang).
JWPL's partner in San Pin Wang, Guangxi Zong Kai Food Beverage Investment Company Limited (GZK), will acquire JFC's share.
"JFC has decided to focus on building its Yong he King business, its largest business in China with 315 stores as of November 30, 2016," the company said.
The firm's divestment of its shareholdings in San Pin Wang is part of its intention to concentrate its resources on businesses with greater potential.
JFC acquired 55 percent of San Pin Wang on March 9, 2012 from GZK.
San Pin Wang is a local Chinese restaurant chain with stores located mostly in Nanning in Guangxi Province in the southern part of the People's Republic of China.
JFC operates the largest food service network in the Philippines.
The JFC Group had a total of 3,236 stores worldwide.
Source: Philippines News Agency