Jollibee currently owns a 40 percent stake in the Denver-based
company through its Bee Good! Inc subsidiary.
"JFC will be able to participate in the very large mainstream
American consumer market in addition to serving
Filipino-Americans there," Jollibee said in a disclosure to the
Philippine Stock Exchange.
Jollibee, with a market value of $5.7 billion, operates the
largest food service network in the Philippines with 2,700
restaurant outlets, including its eponymous chain of fast-food
stores with the ubiquitous smiling bee logo.
The share purchase, which still needs U.S. government approval,
will increase Jollibee's global store network by 365 stores to
4,162 and expand its overseas presence to 21 countries from 16,
Jollibee said.
Jollibee, which outsells McDonald's <MCD.N> and KFC <YUM.N>
restaurants in the Philippines, has been seeking a push into
global markets to boost sales and profit.
In September, people familiar with the matter said Jollibee,
popular in the Philippines for its sweet-style spaghetti and
fried chicken, was considering bidding for Pret A Manger, a
UK-based chain selling organic coffee and wholesome sandwiches
to office workers.
($1 = 52.1380 Philippine pesos)
(Reporting by Karen Lema)
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