- Get link
- X
- Other Apps
Philippine fastfood giant Jollibee Foods Corp. buys Burger King franchise after Chowking and Mang Inasal, according to the report from Philippine Daily Inquirer: Jollibee has cemented its leading position in the highly competitive quick-service restaurant industry by taking over the Philippine operations of American chain Burger King. The deal allows JFC to gain a foothold into the premium segment of the hamburger category in the fast-food business as the group was expecting the premium price segment of the market "to grow appreciably in the years ahead as the Filipino consumers' standard of living rises from the growing economy." In a disclosure to the Philippine Stock Exchange Friday, Jollibee announced that it has signed an agreement acquiring a 54-percent stake in BK Titans Inc., owner of PERF Restaurants that, in turn, is the sole franchisee of the Burger King brand in the Philippines. The deal was priced at 65.5 million pesos (US$1.49 million). Burger King has...