They are also eyeing a Mexican fast food chain to bolster their global expansion plan.
Jollibee Foods Corporation has announced its plan to build 500 new stores in new markets like the United Kingdom, Malaysia and Indonesia as part of its P12-billion spending plan.
"The business had shown resilience in the past and we expect it to continue to do so. We expect revenues and profit to continue to at least sustain its historical growth rates in 2018 and in the years ahead," Jollibee CEO Ernesto Tanmantiong explained.
The leading Filipino quick-service restaurant group is also seeking to invest in a Mexican restaurant chain this year, according to the group’s leaders.
Speaking to local reporters after the recently-held shareholders meeting, Jollibee founder and Chairman Tony Tan Caktiong confirmed that talks have begun with multiple undisclosed parties.
"We are looking at a few of them. Either we acquire [on our own] or work with a group. We are flexible, and we want to play in that category," he said (as quoted by Nikkei Asian Review).
As of May, Jollibee has 4,239 stores in 21 territories across 12 brands – including the namesake chain and the recently-acquired Smashburger. The company reportedly aims to derive 50% of its revenue from overseas operations by 2023.
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