Philippines’ Jollibee to acquire majority share in its Hong Kong franchisee

It will hold a 60% share in Meko Holdings for $16.08m.

Jollibee Foods Corporation (JFC) will be buying a 60% stake in its master franchise in Hong Kong, Meko Holdings Limited, through its Singapore-based subsidiary Golden Plate for $16.08m.

In a disclosure, JFC said the remaining 40% will still be held by Meko’s shareholders.

“Hong Kong is an important market for Jollibee and an important part of JFC China’s strategy to elevate the Jollibee brand in a general population or mainstream market,” it said. 

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“Hong Kong is renowned for its relationship with a vast variety of food and attracts both a strong base of local consumers and tourists. Upon completion of this transaction, JFC will have 60% ownership of this once 100% franchised market,” it added.

Golden Plate is a subsidiary of Jollibee Worldwide Pte Ltd, which is 100% owned by JFC. 

JFC operates 6,506 stores worldwide.