Jollibee sells Caffe Ti-Amo holdings for P20 million

GMA News Online reports that Jollibee Foods Corp. (JFC) has sold its Caffe Ti-Amo holdings to CafeFrance Corp. for "P20 million to be paid in cash."

GMA News Online reports that Jollibee Foods Corp. (JFC) has sold its Caffe Ti-Amo holdings to CafeFrance Corp. for "P20 million to be paid in cash."

 

JFC  had acquired its Caffe Ti-Amo stake in May 2010, when it signed a joint venture agreement with local entrepreneurs in the bid to get into the coffee and gelato business. The said venture became the master franchisee of Caffe Ti-Amo in the Philippines.

 

In a statement, JFC revealed: "In connection with the sale, Coffeetap intends to assign its rights as master franchisee in the Philippines of ’Caffe Ti-Amo’ to Cafe France Corp. CafeFrance Corp. is the same company that bought the assets of ’Delifrance’ from JFC’s subsidiary, Fresh N’Famous Foods Inc. on December 31, 2010. JFC’s divestment of its Caffe Ti-Amo business is in anticipation of the commencement of new businesses, San Pin Wang in Guang Xi Province in the People’s Republic of China, and the joint venture with Viet Thai International Joint Stock Company in Vietnam and other parts of Southeast Asia."

 

For more on this story, log on to GMA News Online.

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