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Jollibee Foods Corp. (JFC) has acquired a dominant share in its Hong Kong master franchisee, solidifying its global culinary position. This move aligns with JFC's strategic vision for brand growth in key markets.
In a stock exchange disclosure, JFC revealed that its Singapore-based unit, Golden Plate Pte. Ltd., finalized the deal on September 1st. It secured 60% ownership of master franchisee Meko Holdings Ltd. for $16.08 million.
Golden Plate, a wholly-owned subsidiary of Jollibee Worldwide Pte. Ltd., under the umbrella of JFC, will now take an active role in managing the operations of the Jollibee brand in Hong Kong. The remaining 40% of Meko's shares will remain owned by the existing franchisee's shareholders, ensuring continuity and preserving the local stakeholders' involvement.
JFC initially revealed its plans for the acquisition in April, stating that Hong Kong holds great strategic importance for the brand. With this finalized transaction, JFC holds a 60% stake in the once-fully franchised market.
Hong Kong, known for its diverse culinary landscape and popularity among local consumers and tourists, aligns perfectly with JFC's vision to elevate the Jollibee brand to new heights within a mainstream market.
As of June, the JFC store network has expanded by an impressive 5.1%, solidifying its position as a global player. The company operates 6,617 stores worldwide, with 3,287 stores in the Philippines and 3,330 stores across various international markets.
Following the announcement, JFC witnessed a slight dip in its stock price, with shares dropping by P1.20 or 0.5% to close at P238.80 each. JFC's acquisition of the majority stake in the Jollibee brand's Hong Kong franchisee signals its commitment to expanding its presence in key markets.
By taking advantage of the fast-growing food industry and leveraging its iconic brand, JFC continues to position itself as a leading player in the global culinary landscape.
