Fast-Food Giant Jollibee Foods Acquires Chinese Congee Chain

August 26, 2008 5:21 a.m. EST

Manila, Philippines (AHN) - Fast-food giant Jollibee Foods Corporation on Tuesday announced it had completed the purchase of Beijing-based congee chain Hongzhuanyuan for $55.5 million.

The acquisition gives Jollibee Foods, already one of the largest fast-food chains in the world with 1,655 stores globally, 100 percent ownership of Hongzhuangyuan.

In a disclosure to state regulator Philippine Stock Exchange, JFC said the transfer of ownership will take place in October this year, waiting for the approval by the Ministry of Commerce of the People's Republic of China.

Jollibee's stores are located in the United States, Saudi Arabia, Hong Kong, Vietnam, Indonesia, Dubai and Brunei.

As of March, 2008, JFC has 1,466 stores in the Philippines namely, Jollibee (627), Chowking (377), Greenwich Pizza (236), Red Ribbon Bakeshop (194), Délifrance (28) and Mang Pepe (4). It had 191 stores overseas.