JOLLIBEE Foods Corp. (JFC), one of Asia’s largest fast food chain operators, has gained full control of food manufacturer Happy Bee Foods Processing in China to supply its store needs in the Chinese mainland.

JFC acquired the remaining 30 percent stake in Happy Bee through its offshore unit, Jollibee Worldwide Pte. Ltd. (JWPL), from its partner Hua Xia Harvest Holdings Pte. Ltd., for $10.34 million (about P516 million) in an asset-for-equity swap.

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