Jollibee denies stories of Korean franchise acquisition
JOLLIBEE FOODS Corp. (JFC) on Thursday clarified it has not been in any discussions to amass any firm in latest months.
“The acquisition of a brand new enterprise has at all times been a part of Jollibee Meals Company’s progress technique. We stay open to alternatives, however are very selective and stringent with acquisitions,” the corporate mentioned in a disclosure to the inventory alternate.
“With respect to latest months, JFC has not been in any discussions with or given a bid for acquisition to any firm, both formal or casual,” Jollibee mentioned.
The corporate made the assertion to make clear a information story titled “Mother’s Contact, a aggressive battle for international meals firms… The ransom is over 1 trillion” posted in The Seoul Financial Day by day on July 12.
In response to an English translation of the article written in Korean, which JFC quoted in its disclosure, Jollibee was listed as a possible purchaser for Mother’s Contact, a Korean hamburger franchise, together with Yum! Manufacturers and Golden Gate Corp.
The article was quoting Korean market analysts, the JFC disclosure confirmed.
Mother’s Contact is a South Korea-based franchise model that sells varied flavors of fried rooster and entire thigh rooster patty burgers.
In response to its web site, as of June 2021, it had 1,333 shops in operation everywhere in the nation with systematic franchise administration and spirit of co-prosperity.
JFC’s principal enterprise is the event, operation and franchising of fast service eating places resembling Jollibee, Chowking, Greenwich, Crimson Ribbon, Yong He King, Hong Zhuang Yuan, Mang Inasal, Burger King, Highlands Espresso, PHO24, Arduous Rock Caf, Dunkin’ Donuts, Smashburger, Tim Ho Wan, Tortas Frontera, The Espresso Bean & Tea Leaf, and Panda Categorical.
They’re additionally engaged in manufacturing and property leasing in help of the QSR methods and different enterprise actions.
JFC shares went up by 20 centavos or 0.09% to shut at P212.80 apiece on Thursday. — J.I.DP. Tabile