15/12/20161min
“The divestment is part of the company’s intention to concentrate its resources on businesses with greater potential,” Jollibee said in its statement, essentially admitting the business was not performing to expectation.
The company will now focus on “larger businesses in China”.
SPW has grown from 34 stores to 71 under Jollibee ownership, mostly located in Nanning in Guangxi province in China’s south. The Philippine company expects to raise US$13 million from the sale, with installments staggered over two years.