Jollibee Foods Corp. yesterday said it completed the acquisition of a 70-percent stake in Lao Dong, a Taipei-based restaurant.
Jollibee said in a disclosure to the stock exchange that it would acquire 70 percent of Lao Dong for P61.1 million (NT42 million) and an additional investment of P30.6 million.
Jollibee earlier said it bought the restaurant chain to pursue the further expansion of the Lao Dong group in Taiwan and introduce the brand in China.
Lao Dong, a full service restaurant with beef noodles as core product, has eight stores and a commissary in Taiwan. It has annual sales of NT 121 million and is making a profit.
Lao Dong was founded in 1950 by Liu Cheng Hsiung and Liu Mei Chin.
It is the fourth foreign restaurant acquired by the Jollibee group. It earlier bought Yonghe King, Chun Shui Tang tea house and Hongzhuangyuan, all based in China.
JJollibee operates various fastfood chains in the Philippines, including its flagship restaurant Jollibee, Chowking, Red Ribbon, Greenwich, Delifrance and Mang Pepe.
The company earlier reported that net income in the first nine months of 2008 dipped 9.7 percent to P1.63 billion from P1.81 billion year-on-year due to the rising cost of raw materials and utilities.
Sales revenue during the period hit P31.65 billion, up 13.1 percent year-on- year.
Jollibee expects the company’s financial conditions to improve in the coming period as prices of raw materials and utilities stabilizes.–Jenniffer B. Austria, Manila Standard Today
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
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