Philippines' Jollibee eyes Indonesia for expansion, following acquisition of Coffee Bean

Record ID: 1425409

  • Title: Philippines' Jollibee eyes Indonesia for expansion, following acquisition of Coffee Bean
  • Date: 31st July 2019
  • Summary: MANILA, PHILIPPINES (JULY 30, 2019) (REUTERS) EXTERIOR OF JOLLIBEE RESTAURANT JOLLIBEE EMPLOYEE PLACING FRIED CHICKEN ON HEATER FRIED CHICKEN SERVER TAKING CONTAINER TO CUSTOMER CUSTOMERS QUEUING INSIDE JOLLIBEE RESTAURANT SERVERS TAKING ORDERS FROM CUSTOMERS SERVER HANDING CHANGE BACK TO CUSTOMER SERVER FILLING BEVERAGE WITH ICE VARIOUS OF JOLLIBEE CHIEF EXECUTIVE OFFICER, ERNESTO TANMANTIONG, WALKING WHILE SPEAKING TO STAFF VARIOUS OF TANMANTIONG SPEAKING TO STAFF (SOUNDBITE) (English) JOLLIBEE FOODS CORP CHIEF EXECUTIVE OFFICER, ERNESTO TANMANTIONG, SAYING: "When we acquire companies we look at primarily the food product, the superior tasting products as the key component in our acquisition because we are in the food business, we have to make sure that the food is really good, and secondly is to look at the potential or scalability of the company, and with those two, and with our management capability we think that we have all the success factors to really make us grow and achieve our vision in the future." CUSTOMERS EATING INSIDE RESTAURANT CUSTOMER EATING FRIED CHICKEN CUSTOMERS EATING BUCKET OF FRIED CHICKEN AND PLATE OF SPAGHETTI (SOUNDBITE) (English) JOLLIBEE FOODS CORP CHIEF FINANCIAL OFFICER, YSMAEL BAYSA, SAYING: "Now, one thing that might emerge, and very interested, is Indonesia. Indonesia, as you know, has a very large population, and one of the things honestly that attracted us, to Coffee Bean and Tea Leaf, is that it has a strong presence in Indonesia. So, it has about close to a hundred stores in Indonesia, and also in Malaysia, and Singapore and the Philippines. So, the Coffee Bean can give us an immediate presence in Indonesia, and also give us a platform on which we can further expand our business there." JOLLIBEE SIGN JOLLIBEE MASCOT POSTER WITH FRIED CHICKEN READING (English): "PHILIPPINES' BEST TASTING" EXTERIOR OF THE COFFEE BEAN AND TEA LEAF STORE THE COFFEE BEAN AND TEA LEAF SIGN
  • Embargoed: 14th August 2019 05:23
  • Keywords: Jollibee expansion Coffe Bean & Tea Leaf Indonesia
  • Location: MANILA, PHILIPPINES
  • City: MANILA, PHILIPPINES
  • Country: Philippines
  • Topics: Company News Markets,Economic Events
  • Reuters ID: LVA001AQ3XIRR
  • Aspect Ratio: 16:9
  • Story Text:Philippines' Jollibee Foods is training its sights on Indonesia, with newly acquired U.S. chain Coffee Bean & Tea Leaf its entry point in the economically expanding and densely populated Southeast Asian neighbour, its top officials said on Tuesday (July 30).
    Jollibee has for years planned to bring its eponymous fried chicken and sweet spaghetti chain to Indonesia and last week's $100 million investment for the struggling coffee chain gives it a foothold into a market of 260 million people, further enhancing the company's footprint in Asia with its brand.
    "The Coffee Bean can give us an immediate presence in Indonesia, and also give us a platform on which we can further expand our business there", Chief Financial Officer Ysmael Baysa told Reuters.
    The Philippine fast-food chain was worth $5.8 billion prior to announcing its acquisition but shed $890 million in market value in two days as investors sold its stock on concerns about it over-spending on a money-losing coffee chain. It has since recouped more than half of the losses.
    (Production: Peter Blaza)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2019. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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