Philippines: Jollibee divests stake in Chinese restaurant chain SPW

Visual from Philippine Retailers Association

Food service giant Jollibee Foods Corp (JFC) is divesting its stake in its non wholly-owned subsidiary the Guangxi San Pin Wang Food and Beverage Management Co Ltd (SPW) to focus on larger businesses in China.

“The divestment is part of the company’s intention to concentrate its resources on businesses with greater potential,” Jollibee said in its statement.

Jollibee disclosed on December 13 that through its wholly-owned subsidiary Jollibee Worldwide Pte Ltd (JWPL), it shall divest its 55 per cent in shareholding in SPW pegged at $13 million (RMB90 million).

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

SPW is a local Chinese restaurant chain with stores located mostly in Nanning in Guangxi Province in the southern part of the People’s Republic of China. Its menu is centered on low priced beef noodle.

Jollibee noted at the time of SPW’s acquisition, it had 34 stores and the business was already profitable. The Chinese restaurant chain grew profitably to 71 stores as of November 30, 2016.

Also Read: PH fastfood titan Jollibee, VTI to list Highlands Coffee biz in Vietnam

Based on a commercial agreement, RMB25 million will be paid to JWPL before 2016 ends, RMB55 million within 2017, and RMB10 million within 2018.

Jollibee’s last trading price on December 13 decreased 0.09 per cent or P0.200 to close at P211.20 per share.

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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.