FASTFOOD giant Jollibee Foods Corp. (JFC) is raising its stake in US hamburger chain Smashburger to a majority, exercising a purchase option in a bid to further gain a foothold in the American market.
Jollibee, which on Tuesday also disclosed a 10.9% increase in 2017 net income to P6.7 billion, said it would be paying $100 million in cash to increase its Smashburger stake — held by subsidiary Bee Good! Inc. — to 85 percent from 40 percent.
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