Pancake House buys Yellow Cab for P800 million

GMA NEWS:

Pancake House Inc. (PHI) approved Wednesday the memorandum of agreement covering its purchase, for P800 million, of all the 500,000 issued and outstanding shares of Yellow Cab Food Corporation, according to its disclosure to the Philippine Stock Exchange.

The deal expands the reach of Pancake House network with the addition of Yellow Cab’s 82 outlets, including 13 franchise branches. [See related story here.]

Pancake House’s board of directors also approved a note facility agreement with the Metropolitan Bank and Trust Company and First Metro Investment Corporation for the provision of credit facilities “on a clean basis" to cover the P800 million needed to close the purchase in 30 days.

Cecile Macaalay, PHI director for corporate planning and finance of Pancake House, said Yellow Cab has a “strategic fit into the basket of brands and products that the Pancake House Group has in its portfolio."

In that basket are Teriyaki Boy, 88 Just Asian, Le Coeur de France, The Chicken Rice Shop, and the Phi Culinary Arts and Food Services Institute, Inc.

Macaalay added that the new acquisition will boost PHI system sales to over the P4 billion mark.

Yellow Cab, according to its 2010 audited financial statements, had net sales of P1.32 billion, operating income of P296 million and net income of P31.62 million.

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Information Courtesy of GMA News / EARL VICTOR ROSERO

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Pancake House buys Yellow Cab for P800 million

GMA NEWS:

Pancake House Inc. (PHI) approved Wednesday the memorandum of agreement covering its purchase, for P800 million, of all the 500,000 issued and outstanding shares of Yellow Cab Food Corporation, according to its disclosure to the Philippine Stock Exchange.

The deal expands the reach of Pancake House network with the addition of Yellow Cab’s 82 outlets, including 13 franchise branches. [See related story here.]

Pancake House’s board of directors also approved a note facility agreement with the Metropolitan Bank and Trust Company and First Metro Investment Corporation for the provision of credit facilities “on a clean basis" to cover the P800 million needed to close the purchase in 30 days.

Cecile Macaalay, PHI director for corporate planning and finance of Pancake House, said Yellow Cab has a “strategic fit into the basket of brands and products that the Pancake House Group has in its portfolio."

In that basket are Teriyaki Boy, 88 Just Asian, Le Coeur de France, The Chicken Rice Shop, and the Phi Culinary Arts and Food Services Institute, Inc.

Macaalay added that the new acquisition will boost PHI system sales to over the P4 billion mark.

Yellow Cab, according to its 2010 audited financial statements, had net sales of P1.32 billion, operating income of P296 million and net income of P31.62 million.

CONTINUE READING FROM ORIGINAL [SOURCE] 
Information Courtesy of GMA News / EARL VICTOR ROSERO

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Jollibee to add 100 more outlets in China

GMA NEWS:

Jollibee Foods Corporation (JFC) chairman Tony Tan Caktiong revealed Wednesday his company's plan to expand operations in China next year by opening at least 100 new outlets, according to a report of state-run radio dzRB.

The tycoon, dzRB radio said, unveiled the JFC expansion program in China, where he is on the 270-strong business delegation of Filipino business leaders for the state visit of President Benigno Aquino III.

According to its latest quarterly financial report to the Philippine Stock Exchange, JFC has one Jollibee restaurant in Hongkong. In mainlaind China, JFC has 51 Hong Zhuang Yuan branches and 226 Yonghe King outlets.

JFC said its China business posted strong growth of 28 percent in the first six months of this year.

Last May, its subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) signed a framework agreement with Viet Thai International Joint Stock Corp. to establish a platform to own and operate a portfolio of restaurants in Vietnam, Hong Kong, Macau and Southern China.

Viet Thai owns and operates Highlands Coffee, Hard Rock Café and other smaller food outlets in Vietnam. It also owns Hard Rock Café in Hong Kong.

Last April, JFC entered into an agreement with The Bank of Tokyo—Mitsubishi UFC Ltd. for P900 million in financing for capital expenditures and foreign acquisitions.

CONTINUE READING FROM ORIGINAL [SOURCE] 
Information Courtesy of GMA News / Amita O. Legaspi/ELR/JVP

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Jollibee to add 100 more outlets in China

GMA NEWS:

Jollibee Foods Corporation (JFC) chairman Tony Tan Caktiong revealed Wednesday his company's plan to expand operations in China next year by opening at least 100 new outlets, according to a report of state-run radio dzRB.

The tycoon, dzRB radio said, unveiled the JFC expansion program in China, where he is on the 270-strong business delegation of Filipino business leaders for the state visit of President Benigno Aquino III.

According to its latest quarterly financial report to the Philippine Stock Exchange, JFC has one Jollibee restaurant in Hongkong. In mainlaind China, JFC has 51 Hong Zhuang Yuan branches and 226 Yonghe King outlets.

JFC said its China business posted strong growth of 28 percent in the first six months of this year.

Last May, its subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) signed a framework agreement with Viet Thai International Joint Stock Corp. to establish a platform to own and operate a portfolio of restaurants in Vietnam, Hong Kong, Macau and Southern China.

Viet Thai owns and operates Highlands Coffee, Hard Rock Café and other smaller food outlets in Vietnam. It also owns Hard Rock Café in Hong Kong.

Last April, JFC entered into an agreement with The Bank of Tokyo—Mitsubishi UFC Ltd. for P900 million in financing for capital expenditures and foreign acquisitions.

CONTINUE READING FROM ORIGINAL [SOURCE] 
Information Courtesy of GMA News / Amita O. Legaspi/ELR/JVP

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