JOLLIBEE Foods Corp. (JFC) told the local bourse on Monday, Sept. 4, 2023, that the transaction to purchase a majority stake in Meko Holdings Limited (Meko), Jollibee brand’s master franchisee in Hong Kong, was completed on Friday, Sept. 1. JFC said in a press statement that it has acquired shares from the shareholders of Meko for a total of 60 percent ownership equivalent to US$16.08 million while the remaining 40 percent are owned by the current shareholders of Meko.
The share purchase agreement and shareholders’ agreement were reportedly signed on April 5. 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. / KOC