Jollibee gains full ownership of China food mfg company

MANILA, Philippines – Jollibee Foods Corp. (JFC) now fully owns Happy Bee Foods Processing after acquiring the remaining 30 percent of the food manufacturing company from its Chinese partner.

 In a disclosure to the Philippine Stock Exchange yesterday, JFC said its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) has already obtained the necessary government and regulatory approvals in China for the transfer of assets in Happy Bee Foods Processing.

The transfer is necessary for JFC to acquire 100 percent of the food processing plant.

JFC said obtaining 100 percent of the China-based food facility would enable them to concentrate on growing its Yonghe King business.

Happy Bee produces the food products sold at Yonghe King stores.

“Yonghe King is JFC’s largest business in China with a total of 316 stores as of Oct. 31, 2016 and contributes eight percent to JFC’s worldwide system-wide sales,” the Filipino-owned fastfood giant said.

At present, JFC operates 22 commissaries worldwide of which 15 are in the country, three in China, three in the US and one in Vietnam. It is also building three additional commissaries in Luzon Island in the Philippines and a joint venture with ISE Foods Inc., a Japanese firm, for an egg production facility in the Philippines.

The company’s strategy is to build and operate its own commissaries to supply food products to its restaurants with the aim of achieving superiority in product quality and a very high level of assurance in food safety.

In the Philippines, JFC had a total of 2,565 restaurants as of the end of October. Of the total number, 954 are Jollibee restaurants, 465 Chowking outlets, 241 Greenwich stores, 385 Red Ribbon branches, 453 Mang Inasal stores and 67 Burger King outlets. Outside the country, it operates 642 stores.