SEOUL (Yonhap): Jollibee Foods Corp., the leading fast food chain operator of the Philippines, has acquired a 100 per cent stake in All Day Fresh, the operator of South Korean hot pot chain Shabu All Day, Yonhap News Agency reported.
With the completion of the share purchase agreement worth about 130 billion won (US$88.6 million), All Day Fresh has separated from its former parent company Myungryundang and fully incorporated into the Philippine food conglomerate.
All Day Fresh operates 172 Shabu All Day stores in South Korea, generating annual sales of around 480 billion won, according to the company.
Jollibee Foods said the brand maintains a leading position in the South Korean market for all-you-can-eat hot pot, commonly referred to as shabu shabu, adding it sees strong growth potential amid rising overseas interest in Korean food.
The company is also considering expanding Shabu All Day into Southeast Asian markets.
The acquisition follows Jollibee Foods' purchase of Compose Coffee, a South Korean coffee chain, last year, further strengthening its presence in South Korea's food and beverage market.
Since the acquisition, Compose Coffee has expanded into Southeast Asia, including the Philippines and Singapore.
-- BERNAMA-YONHAP
