In a disclosure to Philippine Stock Exchange (PSE), Jollibee Foods Corporation (JFC) said it signed an agreement to buy majority ownership of BK Titans Inc., owner of PERF Restaurants, Inc., the sole franchisee of Burger King in the Philippines.
The fast food giant is investing P65.5 million to purchase a 54% share of the equities of BK Titans Inc.
Burger King has 23 branches in the Philippines and generates an annual revenue of P800 million. It's products is priced 30% higher than comparable Jollibee products.
JFC runs the largest fast food network in the country with a total of 1,941 Jollibee, Chowking and Red Ribbon stores as of August this year. Last year, it acquired Mang Inasal for P3 billion.
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