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BUSINESS DESCRIPTION

Jollibee Foods Corporation (JFC) is a Filipino multinational chain of fast food restaurants

headquartered in Pasig City, Philippines. Tony Tan Caktiong, founder and chairman of JFC

founded the fast food chain Jollibee in 19!, after ha"ing started it as an ice cream parlor in

19#. JFC is the o$ner of the popular fast food brand Jollibee, dubbed as %sia&s ans$er to

'c(onald&s in the fast food burger business and is the largest fast food chain in the Philippines.

Jollibee is operating a nation$ide net$ork of o"er #) stores. % dominant market leader in the

Philippines, Jollibee en*oys the lion+s share of the local market that is more than all the other

multinational brands combined. The company has also embarked on an aggressi"e international

epansion plan in the -%, /ietnam, 0ong ong, audi %rabia, 2atar and 3runei, firmly

establishing itself as a gro$ing international 24 player.

5ith the success of its flagship brand, JFC acquired some of its competitors in the fast food

business in the Philippines and abroad such as Cho$king, 6reen$ich Pi77a, 4ed 4ibbon, 'ang

8nasal, and 3urger ing Philippines. %s of January )1#, JFC had a total of more than :,)))

stores $orld$ide, $ith system;$ide retail sales totaling !.1 billion pesos for the fiscal year

)11.

JFC+s core business is the de"elopment, operation and franchising of its quick;ser"ice restaurant

brands. 8t offers a $ide "ariety of affordable and delicious dishes and great tasting food prepared

to satisfy customers of all ages and from all $alks of life. Food quality, ser"ice, price;"alue

relationship, store location and ambience, and efficient operations continue to be critical

elements of the Company+s success in the quick;ser"ice restaurant industry.

Company Strateies T!e "ompany#s stratei" dire"tion $o"%ses on $i&e points'

• Strent!enin o$ t!e "ore b%siness <JFC has formed its foundation from good business

practices and strong core "alues of customer focus, ecellence, respect for indi"iduals,team$ork, spirit of family and fun, humility to listen and learn, honesty and integrity andfrugality. JFC continues its steadfast commitment in upholding these core "alues.

• Enterprise Ris anaement* The Company and its subsidiaries, in global gro$th and

epansion, require a comprehensi"e approach to corporate risk management that promotes etensi"e strategic thinking and analysis, $hile fundamentally integrating andmaintaining highest ethical standards in the Company+s core "alues and beliefs. 4isk management $ill pro"ide the organi7ation $ith the superior capabilities to identify,assess and manage the risks and enable the organi7ation and its employees, at all le"els,to better understand and manage risks.



• Financial Risk Management- The Company’s principal fnancial

instruments comprise cash and cash equivalents and receivables. The

main purpose o these fnancial instruments is to obtain fnancing orits operations. The Company has other fnancial assets and liabilities

such as other noncurrent assets and trade payables and other current

liabilities !hich arise directly rom its operations.

• Fran"!ise e+pansion ; J=>>83?? F==( Corp. has identified the Philippines, China

and the -nited tates as its main markets for epansion as the homegro$n fast food gianteyes to sustain a double;digit gro$th in income and sales. 'oreo"er, the restaurant plansto epand in %ustralia ,Canada, 8ndonesia, 8taly ,Japan , 'alaysia, =man and -nitedingdom .

• S%bsidiary &al%e optimi,ation < J=>>83?? F==( Corp. has a total store net$ork of

,9#1 stores $orld$ide. 8n the Philippines, JFC+s store net$ork totals to ,::#@ Jollibee brand !A9, 6reen$ich 1A, Cho$king B19, 4ed 4ibbon ::B, 'ang 8nasal B#, and3urger ing B#. %broad, it operates A1A stores@ onghe ing :1:, 0ong Dhuang uanB:, and an Pin 5ang, #:, all in China, Jollibee 1:, Cho$king, 4ed 4ibbon - :B andJin*a 3ar - :. 'oreo"er, JFC operates commissaries or manufacturing plants to supportthe continued gro$th of its retail chain. 8t has 1 commissaries and a distribution center in the Philippines. %broad, it has : commissaries in China, : in the -nited tates and 1 in/ietnam. JFC is also committed to ser"e its host communities through socio;ci"ic pro*ects through the Jollibee 6roup Foundation. The foundation has focused its $ork onfeeding programs for undernourished children in poor communities, de"eloping farmersto become better entrepreneurs and suppliers of agricultural products and pro"idingdisaster relief for calamity;stricken regions.

hareholder tructure

JFC is o$ned by se"eral shareholder groups and the public. %s of (ecember :1, )1#, 0yper

(ynamic o$ns #.#BE of the outstanding shares, 0oneysea Corporation o$ns 11.9BE. 1.#E

of the total outstanding shares is o$ned by JFC+s affiliates, the board of directors o$ns E, and

1B.9E is o$ned by other sectors of the company. !.B!E of total outstanding shares of JFC is

Foreign;=$ned.

Corporate management

Tony Tan, the founder, chairman and C?= of the Filipino fast food chain Jollibee. 0e founded

the fast food chain Jollibee in 19!. 8n early ))A, Jollibee Foods Corp. bought out the

remaining shares of its partners in 6reen$ich Pi77a Corporation, equi"alent to a )E stake, for

https://en.wikipedia.org/wiki/Australia

https://en.wikipedia.org/wiki/Canada

https://en.wikipedia.org/wiki/Indonesia

https://en.wikipedia.org/wiki/Italy


https://en.wikipedia.org/wiki/Japan


https://en.wikipedia.org/wiki/Malaysia

https://en.wikipedia.org/wiki/Oman

https://en.wikipedia.org/wiki/United_Kingdom


https://en.wikipedia.org/wiki/Fast_food

https://en.wikipedia.org/wiki/Jollibee

https://en.wikipedia.org/wiki/Canada

https://en.wikipedia.org/wiki/Indonesia



https://en.wikipedia.org/wiki/Malaysia

https://en.wikipedia.org/wiki/Oman



https://en.wikipedia.org/wiki/Fast_food


https://en.wikipedia.org/wiki/Australia



P:!B million in cash. %s of %ugust ))!, Tan&s Jollibee has a total of 1,B!) stores $orld$ide

including Jollibee, 4ed 4ibbon, Cho$king, 6reen$ich, 'anong Pepe&s,'ang 8nasal and Tita

Frita&s -ling -ling. %lso, under his management JFC acquires ma*ority stake of Cho$ Fun,

ma*ority stake in 3urger ing Philippines+ franchise. JFC net income attributable to equity

holders of the parent company rose by ).:E in the Bth quarter o"er the )1: year period.

Corporate -o&ernan"e and So"ial Responsibility

Corporate -o&ernan"e . The company adheres to the follo$ing matters of control o"er the

business@

• Board < The Company has adapted implementing policies of the 'anual Corporate

6o"ernance. These policies ha"e been appro"ed by the 3oard of (irectors and co"er,

among others, iG membership of the Company+s directors in other corporate boards, iiGstandard of conduct of the 3oard and enior 'anagement and Conflict of 8nterest policyH

iiiG selection process for directors and senior managementH i"G ma*or capital

ependituresH "G principles in de"eloping remuneration policies, "iG risk management,

"iiG financial management policies and procedures, "iiiG shareholder grie"ance

procedure and iG and e"aluation system for determining and measuring compliance

$ith the Company+s 'anual of Corporate 6o"ernance.

• Code of Business Conduct and Ethics < the company obser"es these policies for business

conduct or ethics, iG conflict of interest, iiG conduct of business and fair dealings, iiiG

receipt of gifts from third parties, i"G compliance $ith la$s and regulations, "G respect

for trade secretIuse of non;public information, "iG use of company funds, assets and

information, "iiG employment and labor la$s and policies, "iiiG disciplinary action, iG

$histle blo$er and lastly, G conflict resolution.

• Shareholder Rights < The stockholders are gi"en the right to participate effecti"ely in and

"ote in %nnualIpecial tockholders+ 'eetings, has the po$er of inspection, right to

information, right to di"idends and appraisal rights under the Corporation Code.

• Audit and Oversight < The %udit Committee performs o"ersight functions o"er the

8nternal and ?ternal %uditors to ensure that they act independently of each other, and

that both are gi"en access to all records, properties and personnel to enable them to

perform their respecti"e functionsH re"ie$s reports submitted by 8nternal and ?ternal%uditorsH and e"aluates and determines the non;audit $ork.

• Remuneration Matters < The Compensation Committee of the 3oard of (irectors sets the

parameters and process for remuneration of the C?= and senior management. The

process is implemented by the Corporate 0uman 4esource (i"ision. They also establish

a formal and transparent procedure for de"eloping a policy on among other, the

remuneration packages of corporate directors.



https://en.wikipedia.org/wiki/Red_Ribbon_(bakeshop)

https://en.wikipedia.org/wiki/Chowking


https://en.wikipedia.org/wiki/Greenwich_Pizza


https://en.wikipedia.org/wiki/Mang_Inasal


https://en.wikipedia.org/wiki/Red_Ribbon_(bakeshop)



https://en.wikipedia.org/wiki/Mang_Inasal



• Compensation < The Company pro"ides for performance;based re$ards to its employees.

So"ial Responsibility

The Company+s corporate social responsibility efforts are coursed through, and spearheaded by,

the Jollibee 6roup Foundation, 8nc. J6F is committed into three areas@ 3usog, >usog, Talino

chool Feeding Program, Farmer ?ntrepreneurship Program, and Jollibee 6roup Food%8(

Program.

BLT School Feeding:

=ur commitment to education is rooted in helping the Filipino reach his highest potential. 6ood

education has the po$er to change the quality of a person+s life, and more importantly, his

family, community and the nation.

3-=6, >-=6, T%>8= 3>TG

%ccording to the -nited ations 5orld Food Programme, hunger is a key hindrance to learning

especially among school children. To help address this ad"erse reality, Jollibee 6roup

Foundation embarked on the 3usog, >usog, Talino 3>TG chool Feeding Program $ith the goal

of eradicating hunger among 6rades 1 and public school pupils. ince its inception in )), the

K3usog, >usog, TalinoL 3>TG chool Feeding Program has endea"ored to $ork $ith

communities to$ards addressing hunger among 6rades 1 and public school pupils to help them

stay in school and learn better.

Farmer Entrepreneurship rogram!olli"ee Foods Corporation #!FC$ is home to the largest

quick;ser"ice food chains in the country. 8ts daily requirement for ra$ ingredients such as riceand "egetables, puts the company in a unique position to assist small farmers achie"e a more

sustainable li"elihood. The Jollibee 6roup Foundation as the corporate social responsibility arm

C4G of JFC con"erted this opportunity into a program it could de"elop to impro"e the incomes

of small farmers.

!olli"ee %roup FoodA&' rogram

5hen uper Typhoon olanda hit the Philippines in )1:, J6F immediately set up a disaster

response center $hich then focused on gi"ing food assistance to affected communities through

partner organi7ations. %fter further assessment of the situation, the Jollibee 6roup Food%8(

Program $as formed to facilitate relief operations and setup of mobile kitchen in se"erelyaffected communities in the /isayas region that benefited more than 1A),))) sur"i"ors, $ith the

help of employee "olunteers from all the business units of JFC. The Foundation $as able to

pro"ide more than A!,))) congee meals through its 'obile itchen. ="er 1A,))) relief packs

$ere also distributed to se"erely;affected families. The Foundation also pro"ided assistance to

full;time "olunteers of "arious relief organi7ations and ser"ed more than 1,))) meals.

http://jollibeefoundation.org/

http://jollibeefoundation.org/



There are also other programs $hich the J6F conducted in especially in ?n"ironment;Friendly

8nitiati"es. =ne of these is Tree(lanting and )urturing rogram, in )1:, more than B)) JFC

employees, in partnership $ith the Ca"ite tate -ni"ersity and (e >a alle -ni"ersity

(asmariMas, planted more than :,))) seedlings in its efforts to reforest land areas $ith kaong

sugar palmG trees in Ca"ite. 'ore than 9)) seedlings $ere also planted in >a 'esa 5atershed

by more than 1) JFC "olunteers under the Toka;Toka Pro*ect of (?4, 'anila 5ater and

Jollibee. There are also 5ater 'anagement and Conser"ation, ?nergy 'anagement and

Conser"ation, and 5aste 'anagement programs held by them.

Ind%stry O&er&ie/ and Competiti&e Positionin

DE0ND DRI1ERS

'emand of customers

%t the present the main

target market of Jollibee

is the children. Jollibee

lures kids $ith in;store

play acti"ities and a cast

of capti"ating

characters. 8n broader

area JFC has captured

more than A#E share of the hamburger market in

the Philippines. This is

more than half of the

fast;food market as a

$hole. Their secret is

mart iching

concentrates on ser"ing the unique tastes of Filipino market. (emographically, it tends to ser"e

almost all customers. 3ut still the market is segmented according to age to ser"e the children

superior "alue. % Filipino business analyst notes that, in a normal family $eekends are reser"ed

for children and parents ask them $here they $ant to go. Thus, JFC $ants to be appealing to

children. This segmentation can also be considered as KFamily >ife CycleL egmentation.



%' gro*th of hilippines and the

*ea+ glo"al econom,

?conomic gro$th is important to

JFC because the uncertainties of competition from foreign players as

$ell as do$nturns in specific market

niches are omnipresent in our

current economic nature. =ther

uncertainties also come in the form

of financial crisis in the region as $ell as in the country it is operating in. ?conomic gro$th

slo$ed do$n to #.: percent in the third quarter of )1B, due to $eak go"ernment spending on

the demand side and agricultural production on the supply side. 6o"ernment consumption

contracted by .A percent $hile infrastructure spending fell by A. percent. Contributing to $eak

go"ernment spending are the upreme Court decision $hich found some pro"isions of the(isbursement %cceleration Program unconstitutional, budget eecution bottlenecks, and slo$

disbursement for Typhoon olanda reconstruction. (espite the slo$do$n, more than a million

*obs $ere created in =ctober )1B, although the quality of *obs remains a challenge. The )1:

%nnual Po"erty 8ndicator ur"ey %P8G finds that real income of the bottom ) percent gre$

much faster than the rest of the population. The sur"ey also confirms that the go"ernment+s

conditional cash transfer program is reaching the poor, as reflected in the substantial gro$th of

domestic cash transfers to the bottom ) percent. The 5orld 3ank epects the Philippine

economy to gro$ at A.# percent in )1# and )1A despite a $eak global economy.

Consumer Spending



Consumer consumption

indicates ho$ the

spending patterns of

Filipinos is increasing

o"er time despite of the

economic gro$th of thecountry. Consumer

pending in Philippines

increased to 1:B9

P0P 'illion in the

fourth quarter of )1#

from 1:19!) P0P

'illion in the third

quarter of )1#.

Consumer pending in

Philippines a"eraged !9:9.A) P0P 'illion from 199! until )1#, reaching an all time high of 1:B9 P0P 'illion in the fourth quarter of )1# and a record lo$ of #!1B# P0P 'illion in

the first quarter of 199!. Consumer pending in Philippines is reported by the Philippine

ational tatistical Coordination 3oard.

The Philippines boast outheast %sia+s third highest total consumer spending behind 8ndonesia

and ThailandG, but $ith the region+s second largest population it is ne"ertheless an

underperforming market. %s food, non;alcoholic drinks and housing absorb o"er half of the

household budget, Filipinos ha"e a lo$ capacity for discretionary spending. Consumer spending

gro$th $ill accelerate through to ):), backed by the country+s economic gro$th, youthful

population and rising middle class. This data only sho$s that Filipinos ha"ing fun of spending

their money on foods.



8n )1B ielsen hopper Trends 4eport re"ealed a 1:E decline in monthly grocery spending

comparison made bet$een )1B and )1 figuresG. The decrease $as made possible byependitures on con"enience stores and fast food restaurants. The report sho$ed that #E of Filipinos regularly dined at fast food restaurants at least once a $eek. The offerings of fast foodrestaurants and con"enience stores cater to shoppers+ increasing desire for con"enience, quick preparation and ready;to;eat meal options.



Total household

spending accelerated to

A. percent in 2 )1#

from last year+s

#..percent. The lo$er

consumer prices of household goods and

ser"ices encouraged

higher household

spending or

consumption for the

second quarter of )1#.

Food and non;alcoholic

be"erages, accountingfor B).9 percent of total

0FC?, posted a gro$th

of #.A percent from

pre"ious year+s B.B

percent.

%side from ependitures

in Food and non;

alcoholic be"erages, other top contributors to the positi"e gro$th of 0FC? $ere@ 'iscellaneous

goods and ser"ices, 1).#.percent from A.: percentH Transport, 9.# percent from 1.: percentH and

0ousing, $ater, electricity, gas and other fuels, B.! percent from #.# percent.

Ta"le -. Continuousl, Compounded Annual %ro*th Rates for per capita and per /ousehold 0

Total E1penditure2 Food E1penditure2 Food Ta+en at /ome #FA/$ and Food A*a, From /ome

#FAF/$



These statistics are testament to the

phenomenon of changing consumer

preferences resulting in a

remarkable shift in foodconsumption patterns, particularly

in the cities and highly urbani7ed

locales. (espite the economic and

commercial importance of food

consumption a$ay from home, "ery

limited effort has been made to

in"estigate the e"olution and

economics of this type of food

consumption among Filipinos o"er

time.

'emographics

8n the local Philippines contet, the million consumers $alking into Jollibee+s stores daily

represent strong demand for its products. The uniqueness of the geographical landscape of

Philippines has also made it a challenge for fast;food companies. 6lobally, there are many

Filipinos $orkers situated in the o"erseas market, especially in the -nited tates $here there are

estimated to be around million Filipino immigrants. 3esides the -, many Filipinos are also



situated in parts of %sia such as 0ong ong, 3runei and 8ndonesia. ot limiting to Filipinos,

their stores ha"e also attracted other %sians to eat at their restaurants. The total population in

Philippines $as last recorded at 1). million people in )1# from A.: million in 19A),

changing !9 percent during the last #) years. Population in Philippines a"eraged A).:) 'illion

from 19A) until )1#, reaching an all time high of 1).) 'illion in )1# and a record lo$ of

A. 'illion in 19A). Population in Philippines is reported by the 3angko entral ng Pilipinas.(emographic; $ith an estimated population of 9million as of ))9, JFC engaged $ith the

business $ith a market share of #)E according to the company&s $ebsite. ids are the target

market of JFC. tatements stated that if you $ill ha"e 1 kid as a target market epect to ha"e 1;:

adult accompanying the child. 8n this matter there $ill be a domino effect regarding the turno"er

of the customers. Filipinos are happy people. They lo"e to dine;in $ith their fa"ourite restaurants

$ith or $ithout occasions. This factor should be considered as ad"antage for JFC.

INDUSTR2 -RO3T4

(uring )1:, The company increased itssales by 1.!E, the highest organic salesgro$th in A years, enabling JFC to breach theP1));billion mark sales for the first time.JFC gre$ profit by B.#E, the fastest gro$thrate in years. Furthermore, The companyopened :# stores here and abroad in )1: toend the year $ith a total of ,AB stores. 8nthe Bth quarter of )1:, Jollibee&s net incomereached P1.#1 billion, up ).:E, $ith

system;$ide sales rising 1:.9E to P!.!A billion. JFC operates the country+s largestfood ser"ice, $ith a total of ,)B) stores as of end;eptember )1:. 8ts net$ork includeJollibee, Cho$king, 6reen$ich, 4ed 4ibbon,'ang 8nasal and 3urger ing. For itso"erseas operations, the company had #B1stores as of the same period. %side from the

Jollibee chain, the group+s other food brands include onghe ing, 0ong Dhuang uan, an Pin5ang, 4ed 4ibbon, Cho$king and Cho$ Fun.



Compared to the pre"ious year, the said

system;$ide sales, or sales by both

company;o$ned and franchise stores, $ent

up 1B.AE to P.:)# billion from P:.!:

billion last year. 8t noted store sales gro$thcame mostly from more customer "isits,

and a slight increase in selling prices to

partly co"er the increase in ra$ material

costs. 5ith this regard, JFC took the

necessary steps to sustain healthy profit

margins, including implementing cost

impro"ement and price ad*ustments in the

balance of )1B and quarters ahead. Furthermore, The group+s Philippine business is seen to

gro$ by 1) percent this year. %nalysts, ho$e"er, epect JFC+s margin gro$th to slo$ do$n due

to a depreciating peso and an epected increase in commodity prices by t$o to three percent.The impact should be minimal as only ) percent of JFC+s ra$ materials are imported. %t the end

of the Bth quarter, the company $as operating ,1 restaurant outlets in the country. 8t had ,!)#

stores $orld$ide.



(uring )1#, Jollibee Foods Corporation JFCG,the country+s largest food ser"ice company,epects to sustain its strong earnings gro$th in thenet fi"e years. Jollibee Food Corporation said itsPhilippine business en*oyed a 1.:E gro$th in

system;$ide sales, $hile its o"erseas operationshad a gro$th of B.:E, $ith China gro$ing.:E. Thus, a profit gro$th that is lo$er thanhistorical rate as rising ra$ material pricescontinue to bring pressure on our profit marginsand as $e in"est hea"ily in building our organi7ation capability primarily in store net$ork epansion and in information technology. (espiteof this, JFC plans to in"est P9.1 billion in capitalependitures, A1.: percent higher than the P#.AB billion spending in )1B.=f this amount, PA.

billion $ill be for the Philippines, P1. billion for China and the balance for the - and outheast%sia and the 'iddle ?ast. The )1# capitalependitures $ill be mostly for the store openingsand store reno"ations in the Philippines andforeign operations, and in"estments in commissary

construction and capacity increase in the Philippines. >astly, JFC plans to open about ::) ne$stores $orld$ide@ ) in thePhilippines and 11) o"erseas. Thesein"estments $ill be financed by JFC+scash reser"es and cash epected to begenerated from )1# operations.

uccess in the Philippines pro"ided a

platform for epansion abroad,

particularly in countries $ith large

Filipino communities. 8n"estments in

outheast %sia and China ha"e

mean$hile pro"ided toeholds in some

of %sia;Pacific&s fastest gro$ing

markets. The Philippines, China and

the -.. are the company&s three main

markets. -ndeniably, Jollibee Food Corporation has captured almost A#E of the market share inthe food industry. Considered as one of the fast gro$ing fast food chain in the $orld, Jollibee

Food Corporation still manage to continuously epand $orld$ide ha"ing a good track record in

further impro"ing food quality, product offering and gro$ing the store net$ork of brands it has

acquired.



COMPETITIVE POSITIONING

Filipinos looking to get their fast;food *ollies can turn to this happy bee. Jollibee Foods is theleading operator of quick;ser"ice restaurants in the Philippines, $ith more than 1,#)) outletsencompassing about a half do7en different concepts. 8ts flagship Jollibee chain features a menuof fast;food staples hamburgers, hot dogs, and fried chickenG along $ith %sian spring rolls,

spaghetti, soups, and ice cream. 0a"ing the fleibility to cater to the tastes of its local consumersand retaining tight control o"er operations management $hich allo$s it to price belo$competitors < JFC $as able to better meet the needs of its Filipino Consumers $hich has helpedthem to gain competiti"e ad"antage in its home market o"er its biggest competitors like'c(onalds, FC, 3urger ing and 5endy+s .

K5e keep things simple and fill a simple need@ "ery tasty food at a reasonable price. To this day 8repeat to my people $hat my father told me < you ha"e to make sure your food tastes reallygood,N Tan said

Jollibee o$ners also kno$ Philippinetastes "ery $ell, $hich is one reason ithas epanded at home at a pace e"en itscompetitors like 'c(onald&s and FCcan&t match.

JFC+s ability to track good record infurther impro"ing food quality, productoffering and gro$ing the store net$ork of brands it has acquired, help them toattain ad"antage o"er its competitors and promote them for future acquisition. %sof no$, company has made at least si

domestic acquisitions. a"e for one,$hich it later di"ested, the other fi"e ; pi77a chain 6reen$ich, Chinese;Filipinorestaurant Cho$king, the 4ed 4ibbon bakery chain, 3urger ing Philippinesand the 'ang 8nasal grilled chickenchain ; are all profitable and steadilyepanding. Furthermore, Jollibee Foodshas no$ surpassed the :))) storemilestone as it reports a .B per centincrease in net income for the first half

of )1#, to P. billion -O#!.#millionG. Jollibee has no$ :B outletsin the Philippines and A o"erseas < :))1 in total.



5ith the outstanding performance in the Filipino market, and high gro$th fast food market, theyalso attained high remarks in global market.

Jollibee Foods& rise as one of %sia&s leading fast;food companies has been helped byacquisitions at home and abroad. %s it looks to become a global player, the Philippine companyis betting that this strategy $ill continue to pay off.

Touted as its biggest acquisition to date, Jollibee Foods announced on =ct. 1: it $ould buy B)Eof -.. fast casual restaurant chain mashburger for nearly O1)) million. Jollibee has the option of fully purchasing the burger *oint from )1! to )A.

8n"estors cheered the ne$s, $ith shares of JollibeeFoods rising 1E that day, shrugging off the nearlyE slump in the benchmark Philippine tock ?change inde. Jollibee Foods& shares $ere do$n:.BE this year, due largely to disappointing second;quarter results combined $ith o"erall market$eakness on concerns of a possible -.. rate hikeand a slo$do$n in the Chinese economy, said >uis>imlingan, managing director at brokerage 4eginaCapital (e"elopment.

http://asia.nikkei.com/Company/05J0PD-E



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Compiled Mgac Elga