Philippine Headline: Jollibee Takes 100% of Smashburger; DoubleDragon to Setup Overseas Offices

Philippine-based Jollibee Foods Corporation (JFC), the largest Asian food service company, announced that it has completely acquired US burger chain Smashburger by acquiring the 15 percent stake it does not own in SJBF LLC, the parent company the entities comprising the Smashburger business for $10 million.

Jollibee paid Smashburger Master LLC in cash through its wholly-owned subsidiary Bee Good! Inc (BGI), according to its disclosure to the Philippine Stock Exchange.

Bee Good! Inc previously held 85-per cent stake in the burger chain after acquiring an additional 45-per cent stake for $100 million, paid in cash, last February. Read more here: Jollibee Takes 100% Ownership of US Burger Chain Smashburger

Meanwhile, Listed property developer DoubleDragon Properties Corp is establishing wholly owned selling arm subsidiaries in Singapore, Hong Kong, Japan, London, Italy, and the US to focus on the international pre-selling of Hotel101 projects in the Philippines.

DoubleDragon has a strong in -house domestic sales force consisting of over fifty experienced property specialists.

The company’s new sales recorded across all projects have exceeded Php 1.90 Billion 2018 to date an increase of 142.9% year-on-year, majority of new sales delivered was attributable to Hotel101 Fort, which hit a record P1.65 Billion in sales since its launch just last March 2018. РBusinessNewsAsia.com

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