By JAMES A. LOYOLA
Manila Bulletin
MANILA, Philippines — Jollibee Foods Corporation (JFC) through subsidiary Tokyo Teriyaki Corporation, is acquiring the assets of all 20 Chowking stores in the USA from the master licensee Fortune Food Service Company and its related companies for $16 million.
In a disclosure to the Philippine Stock Exchange, Jollibee, headed by Chairman-CEO Tony Tan Caktiong, said it has signed an agreement with the Fortune group which currently owns and operates all US Chowking stores of which 18 are in California and one each in Nevada and Washington.
Of the $16 million, $12 million will be paid on May 27, 2011 and $800,000 will be paid annually over the next five years. Tokyo Teriyaki will also take over operations of all Chowking stores in the USA by the end of business on May 27, 2011.
Jollibee said profit of the Chowking stores in the USA for 2010 is positive, and EBITDA for 2010 is about $68,000.
The total 2010 sales for Chowking stores in the USA amount to $19.2 million.
“With this acquisition, JFC will be poised to take a more active role in the further growth of the Chowking business in the USA,” the firm said.
Jollibee has recently borrowed a total of P3.9 billion from foreign banks to finance the group’s capital expenditures and acquisitions in the country and abroad.
Read here
Manila Bulletin
MANILA, Philippines — Jollibee Foods Corporation (JFC) through subsidiary Tokyo Teriyaki Corporation, is acquiring the assets of all 20 Chowking stores in the USA from the master licensee Fortune Food Service Company and its related companies for $16 million.
In a disclosure to the Philippine Stock Exchange, Jollibee, headed by Chairman-CEO Tony Tan Caktiong, said it has signed an agreement with the Fortune group which currently owns and operates all US Chowking stores of which 18 are in California and one each in Nevada and Washington.
Of the $16 million, $12 million will be paid on May 27, 2011 and $800,000 will be paid annually over the next five years. Tokyo Teriyaki will also take over operations of all Chowking stores in the USA by the end of business on May 27, 2011.
Jollibee said profit of the Chowking stores in the USA for 2010 is positive, and EBITDA for 2010 is about $68,000.
The total 2010 sales for Chowking stores in the USA amount to $19.2 million.
“With this acquisition, JFC will be poised to take a more active role in the further growth of the Chowking business in the USA,” the firm said.
Jollibee has recently borrowed a total of P3.9 billion from foreign banks to finance the group’s capital expenditures and acquisitions in the country and abroad.
Read here
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