{"id":152770,"date":"2018-02-14T01:29:26","date_gmt":"2018-02-14T06:29:26","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=152770"},"modified":"2018-02-14T01:29:26","modified_gmt":"2018-02-14T06:29:26","slug":"jollibee-hikes-stake-in-smashburger-to-85-in-usd100-m-deal","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/02\/14\/jollibee-hikes-stake-in-smashburger-to-85-in-usd100-m-deal\/","title":{"rendered":"Jollibee hikes stake in Smashburger to 85% in USD100-M deal"},"content":{"rendered":"
\"<\/a>

This will increase BGI\u2019s ownership in SJBF LLC from current 40 percent to 85 percent. Master will retain the balance 15-percent ownership.
(Photo:<\/a> Jollibee\/ Facebook<\/a>)<\/figcaption><\/figure>\n

MANILA\u2014<\/strong>\u00a0Homegrown fast food giant Jollibee Foods Corp. (JFC) on Tuesday announced a deal to pay USD100 million to acquire an additional 45-percent stake in\u00a0 American burger chain.<\/p>\n

In a disclosure to the Philippine Stock Exchange (PSE), JFC said through its wholly-owned subsidiary, Bee Good! Inc. (BGI), the company will purchase from Smashburger Master LLC (Master) an additional 45 percent of SJBF LLC, the parent company of the entities comprising the Smashburger\u00ae business.<\/p>\n

This will increase BGI\u2019s ownership in SJBF LLC from current 40 percent to 85 percent. Master will retain the balance 15-percent ownership.<\/p>\n

JFC said the transaction is expected to be completed in one to two months, subject to government approvals in the United States and meeting certain closing conditions.<\/p>\n

The company will pay Master through BGI in cash.<\/p>\n

\u201cWith this acquisition of more shares, JFC will have a more significant business in the United States. The US will increase its contribution to our worldwide system wide sales from 5 percent to 15 percent. We will be able to participate in the very large mainstream American consumer market in addition to serving Filipino-Americans there,\u201d said JFC Chairman Tony Tan Caktiong.<\/p>\n

Tan Caktiong expects the proportion of the company\u2019s foreign business to worldwide system wide sales will increase from present 20 percent to 30 percent.<\/p>\n

\u201cWe will eventually achieve our goal of 50\/50 revenue split between the Philippines and foreign businesses even as our Philippine business continues to expand strongly since our foreign business is growing even faster. It will only be a matter of time,\u201d he said.<\/p>\n

JFC\u00a0 Chief\u00a0 Executive\u00a0 Officer, Emesto Tanmantiong, said \u201cthe consolidation of\u00a0 Smashburger into\u00a0 JFC\u00a0 will\u00a0 increase\u00a0 JFC\u2019s\u00a0 store network\u00a0 in\u00a0 the\u00a0 US\u00a0 by\u00a0 5-fold,\u00a0 from\u00a0 83\u00a0 to\u00a0 417 and will expand its presence to 39 states in the US from current 10 states. It will also increase JFC\u2019s\u00a0 store\u00a0 network\u00a0 in\u00a0 Canada, from two to eight.\u201d<\/p>\n

Based on the financial data, Smashburger has annual system wide sales of USD333 million and net revenues of USD200 million.\u00a0<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u2014\u00a0Homegrown fast food giant Jollibee Foods Corp. (JFC) on Tuesday announced a deal to pay USD100 million to acquire an …<\/p>\n","protected":false},"author":33,"featured_media":96558,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[21230,20525],"class_list":["post-152770","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-jollibee-foods-corp-jfc","tag-philippine-stock-exchange-pse","mauthors-leslie-gatpolintan","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/152770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=152770"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/152770\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/96558"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=152770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=152770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=152770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}