Jollibee Foods to buy 49 pct stake in Viet Thai

May 23, 2011 | 14:59

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Jollibee Foods Corp., the Philippines ’ largest fast food chain operator, has decided to buy a 49-per cent stake worth $25 million in the Viet Thai International Joint Stock Company of Vietnam.

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Furthermore, Viet Thai will also receive a loan advance of $35 million to be repaid in 2016 with an interest rate of 5 per cent per annum, sources said on May 22.

Viet Thai, the owner and operator of Highlands Coffee, plans to use part of Jollibee’s investment to fund its purchase of a restaurant chain.

Jollibee Foods, known for its fired chicken and hamburgers and also owns bake shops and pizza and pasta restaurant, outsells McDonald’s and KFC in the Philippines .

The company operates a total of 1,931 stores in the country, and 407 outlets abroad.

VIR/VNA

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