By Komfie Manalo
AHN News Writer
(allheadlinenews.com)
Jollibee Foods Corp., the Philippines' largest fast food company, announced on Monday it has acquired full ownership of the Yonghe King chain of restaurants in China for $6 million.
Tony Tan Caktiong, chairman and CEO of Jollibee, told the Philippine Stock Exchange the company bought the remaining 15 percent of Yonghe from Belmont Enterprises Ventures Ltd., giving Jollibee 100 percent ownership of the Chinese restaurant chain.
He said, "The purchase of the remaining 15 percent share of Yonghe King reflects management's optimism and confidence in the significant future growth and rise in economic value of the Yonghe King business."
Records show that Yonghe's sales expanded by 20.1 percent in 2006. Caktiong said he expects to open 15 new outlets of the restaurant this year.
The fast food company has 1,383 outlets across the Philippines, including its subsidiaries, Chowking, Greenwich, Red Ribbon and Delifrance.
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