Jollibee eyeing US-based fast-food chain

Posted at 06/27/14 9:02 PM

MANILA – Jollibee Foods Corp. (JFC) is looking to expand its operations in the US, its chief executive officer Tony Tan Caktiong said on Friday.

Aside from expanding its current network of 29 Jollibee locations across the US, Tan Caktiong said JFC is also considering acquiring a US-based fast food chain.

"We'd like to have more play in the US market. We're looking at a certain acquisition in the US market," Tan Caktiong said.

He also said that a Jollibee flagship store will likely open in Canada by next year, and launching in Indonesia is still currently under study.

About 20 percent of JFC’s turnover is contributed by its overseas business.

China remains JFC’s biggest market overseas, making up 12 percent of its total business.

JFC’s Chinese fast-food chain Chowking also has operations in the US and the Middle East.

Tan Caktiong, who is retiring as chief executive officer by July 1, will be replaced by his brother, current chief operating officer Ernesto Tanmantiong.

Tanmantiong said Jollibee has received offers to franchise its brand in new markets like Malaysia, Myanmar, Europe and Japan.

He said the firm is looking at franchising in more overseas markets "in the near future."

Tan Caktiong, meanwhile, said JFC now has the second highest system-wide sales among all Asian restaurant companies as of end-2013.

"According to our estimate, JFC would generate the largest sales by 2014 or 2015. For all intents and purposes, your company has achieved its vision of becoming the number one Asian restaurant company," he said.

JFC breached the P100-billion sales mark for the first time last year.