Food chain operator Jollibee Foods Corp. said it is acquiring a 70-percent stake in Tien Hsia Sheng Co. Ltd. (Moon Moon Food) which operates a chain of wellness soup restaurant in Taiwan for NT 103.8 million or P180 million.
Jollibee said in a disclosure to the stock exchange Monday its Taiwan-based subsidiary Milkshop International Co. Ltd. signed an agreement to acquire 980,000 shares in Moon Moon Food owned by Yung-Cheng Lai and Hsin-Ning Lo at NT$105.92 per share.
Payment will be made upon closing of the transaction, it said.
Jollibee said the deal would enable Milksha to participate in the fast-growing beverage category globally.
“This strategic move reinforces Milksha’s position as a leader in the tea segment in Taiwan by accretively integrating Moon Moon Food’s resources and complementary offerings to enhance ability to meet evolving customer needs, further strengthening scale, valuation and expanding consumer base of Milksha,” Jollibee said.
Known for its culinary innovation, Moon Moon Food has been recognized by the Michelin Bib Gourmand for seven consecutive years (2018–present)
Moon Moon Food operates a profitable business with 13 outlets in Taiwan and opened its first international branch in Singapore in 2024.
Jollibee said Moon Moon Food would be consolidated into Milksha’s portfolio and financial reports once the deal is completed.
Meanwhile, Moon Moon Food founder and chief executive Yung-Cheng Lai will retain ownership of 30-percent minority interest in the company.
The purchase price was based on multiples-based valuation anchored on Moon Moon Food’s net profit after tax for 2023.
Jollibee in 2021 ventured into beverage business with the acquisition of a 51-percent stake in a company that owns bubble-tea chain Milksha.
Jollibee is a leading fast-food chain in the country. As of end of September 2024, the goup’s store network reached 9,598, of which 3,340 are in the Philippines and 6,258 are overseas.
Aside from its flagship brand Jollibee, the group also owns and operates several restaurants including Chowking, Red Ribbon, Greenwich, Mang Inasal and Burger King.
