Jollibee Foods to buy 49 pct stake in Viet Thai
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.
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