Jollibee Foods Corp. signaled on Friday it was stepping up its expansion abroad as it announced plans to take a more active role in franchises in the United States while at the same time acquiring a stake in a firm operating food chains in Hong Kong and Vietnam.
For the Western market, the homegrown quick service restaurant said it was buying back all Chowking stores in the United States from its master franchisee for $16 million.
“Jollibee Foods, through its subsidiary Tokyo Teriyaki Corp., signed on Friday an agreement to acquire from Fortune Food Service Co., Inc. and its related companies the assets of all 20 Chowking stores in the US,” the homegrown fast food giant said in a disclosure to the local bourse.
“With this acquisition, Jollibee Foods will be poised to take a more active role in the further growth of the Chowking business in the US,” it added.