Jollibee earmarks P4-B for expansion

MANILA, Philippines - Fastfood chain Jollibee Foods Corp. is earmarking P4 billion this year to put up 200 stores, both in the country and overseas.

Jollibee chairman and chief executive officer Tony Tan Caktiong said half of the new stores will be in the Philippines, and the other half will be located in either new or existing branches abroad.

Caktiong said the P4 billion in capital expenditures excludes funds intended for new acquisitions.

Recently, Jollibee acquired a majority stake in the Chinese noodle chain San Ping Wang for P200 million (RMB 30 million).

The company, along with its partner Guangxi Zong Kai Food and Beverage Investment Co., will also invest an additional RMB 20 million for the expansion of the chain.

Currently, San Ping Wang operates 34 stores, mostly in South China.

Jollibee also recently bagged the master franchise of Korean restaurant brand Caffe Ti Amo, which has 269 stores.

The Jollibee group of companies currently operates the country's largest fast food service network. As of March 31, the fastfood chain had a total of 1,569 stores in the country, including Jollibee, ChowKing, Greenwich, Red Ribbon, Delifrance and Manong Pepe's. It has 334 stores overseas, mainly in the United States, Vietnam, China and Brunei.

http://www.abs-cbnnews.com/business/05/12/10/jollibee-earmarks-p4-b-expansion

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