Jollibee exits PHO24 business
This will enable the company to concentrate on its other businesses.
Jollibee Foods Corporation (JFC), through its subsidiary SuperFoods Group, is disposing of the assets of the Vietnamese noodles business PHO24 to focus on its rising new businesses.
In a disclosure, JFC said the assets of the PHO24 franchise, owned by SuperFoods Group, will be transferred to East-West Restaurants Concepts which is a wholly-owned subsidiary of Viet Thai International Stock Company (VTI).
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“The disposition will allow the JFC Group to concentrate its resources (on) building and growing its new businesses: Tim Ho Wan, Yoshinoya and Milksha,” it said.
VTI is the partner of JFC’s JSF Investments in the SuperFoods Group.