Philippines: Jollibee divests $1.6m stake in restaurant developer Chow Fun

Visual from Philippine Retailers Association

Seeking to focus more on its larger businesses in the US, Philippine food service titan Jollibee Foods Corp (JFC) is on a divestment mode anew, selling its stake in restaurant developer Chow Fun Holdings LLC.

Jollibee disclosed on December 15 that through its wholly-owned subsidiary Jollibee Worldwide Pte Ltd (JWPL), the company will divest its shareholdings in Chow Fun, a non wholly-owned subsidiary.

“The divestment is part of the company’s intention to concentrate its resources in building its larger businesses,” Jollibee said in its statement.

Also Read: Philippines: Jollibee divests stake in Chinese restaurant chain SPW

Chow Fun is the developer and owner of a restaurant concept known as Jinja Bar and Bistro. It has three restaurants in New Mexico, two in Albuquerque and one in Santa Fe.

Only two days ago, Jollibee divested its stake in another non wholly-owned subsidiary the Guangxi San Pin Wang Food and Beverage Management Co Ltd (SPW), a China-based restaurant chain centered on low priced beef noodle.

Also Read: Philippines: Jollibee completes acquisition of Happy Bee in China

Based on an agreement, Chow Fun will redeem and JWPL will deliver to Chow Fun 2,900 Class A Membership Unit priced at $551.72 apiece or a total of $1.6 million. The shares represent Jollibee’s 80.55 per cent stake in Chow Fun.

“The redemption by Chow Fun of the JWPL Units will be conditioned upon Chow Fun being able to arrange third party financing at commercially reasonable terms and conditions in a sufficient amount to pay the Price,” Jollibee added.

Jollibee’s last trading price remained at P210 per share on December 15.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.