24 September 2007 - Philippine fast-food giant Jollibee Foods Corporation has acquired Chinese restaurant chain Hongzhuangyuan for approximately USD 50.5 million.
According to a statement from the Philippine Stock Exchange, the acquisition is part of Jollibee's strategy of building its business abroad and expanding its presence in China.
Hongzhuangyuan has 33 outlets, mostly in Beijing. However, another 5 restaurants will be built by the time the acquisition is finalised in several months, said Jollibee.
The deal takes place 3 months after Jollibee bought a stake in another Chinese restaurant chain.
In June, FLEXNEWS reported that Jollibee Foods acquired a 15% share in Yonghe King, a Chinese-style fast food chain based in Shanghai.