Jollibee eyes Philippine food chain

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MANILA--Jollibee Foods Corp. is planning to acquire ChowKing Food Corp., a Chinese-Filipino fastfood chain with outlets in the U.S. and the Middle East, according to Jollibee VP Rufino dela Rosa. If completed, Jollibee will have 671 restaurants in the Philippines, the U.S.,the Middle East and Asia. The acquisition will boost Jollibee's annual revenue of $286 million by at least $30 million.

Jollibee has 329 restaurants in the Philippines, elsewhere in Asia and in the U.S. It also runs 180 Greenwich pizza parlors in the Philippines. ChowKing operates 162 outlets, including four in the U.S. and three in Dubai.

Jollibee's acquisition of ChowKing has long been the subject of speculation as the family of Jollibee Chairman Tony Tan Caktiong owns half of ChowKing.

Copyright September 1999, Crain Communications Inc.

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