Jollibee Foods Corporation now controls the company behind Highlands Coffee and Pho 24.
The fast food chain announced that its subsidiary JSF Investments Pte. Ltd raised its stake in the SuperFoods Group to 60%, while its partner Viet Thai International Joint Stock Co. (VTI) reduced its interest to 40% from the previous 50-50 ownership share.
According to the company disclosure, the adjustment was considered a “key step” in their plan to list SuperFoods Group in Vietnam’s equities market by July, 2019 and will allow JFC to include the joint venture in its financial consolidation.
The SuperFoods Group owns and operates the brands Highlands Coffee and Pho 24 and is a franchisee of Hard Rock Cafe in Vietnam, Macau and Hong Kong.
JFC will take the lead in the capital raising activities for the joint venture and will work with various financial institutions in Vietnam and other parts of Asia to finance the aggressive expansion program of the SuperFoods Group.
In the next three years, the SuperFoods Group plans to open 485 stores, mostly in Vietnam, while expanding the brands through franchising in other parts of Asia and in Australia.
JFC plans to build a “significant” business in Vietnam given its potential to become a large consumer market. The listed company already owns and operates 84 restaurants under its flagship Jollibee brand in Vietnam at the close of 2016, with sales from these stores rising by an annual 47%.
JFC operates the largest food service network in the Philippines.
Photo credit: Jollibee Facebook page
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