Homegrown food giant Jollibee Foods Corp. (JFC) has further ramped up its stake in United States-brand Smashburger with an additional investment of $100 million.
In a disclosure to the stock exchange on Tuesday, JFC said its wholly-owned unit Bee Good! Inc. (BGI) has purchased 45% shares in Smashburger Master LLC (Master), bringing its ownership in the firm to 85%.
“With this acquisition of more shares, JFC will have a more significant business in the United States. The US will increase its contribution to our worldwide system wide sales from 5% to 15%. We will be able to participate in the very large mainstream American consumer market in addition to serving Filipino-American there,” JFC Founder and Chairman Tony Tan Caktiong said in a statement. — Arra B. Francia