Philippines' fast food giant Jollibee Foods Corporation has announced plans to acquire a 55% stake in San Pin Wang, a beef noodle chain in Guangxi Zhuang Autonomous Region, for CNY30 million.
Jollibee said it will acquire San Pin Wang via its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd. Jollibee Worldwide will set up a joint venture with Guangxi Zong Kai Food and Beverage Investment Co. Ltd. for the operation of San Pin Wang. Guangxi Zong Kai Food and Beverage Investment will invest CNY20 million for the construction and expansion of the joint venture, which is expected to start operation in January 2011.
According to documents provided by Jollibee and reported by local media, San Pin Wang's annual sales in 2010 is estimated at CNY100 million and the company currently runs 34 chain restaurants in Nanning and Liuzhou, Guangxi.