JOLLIBEE FOODS CORP. TO INCREASE STAKE IN SMASHBURGER

Jollibee Foods Corp. ( JFC) disclosed yesterday that its wholly-owned subsidiary Bee Good! Inc. (BGI), will purchase from Smashburger Master LLC an additional 45 percent of SJBF LLC, the parent company of the entities comprising the Smashburger® business. This will increase BGI’s ownership in SJBF LLC from the current 40 percent to 85 percent. Master will retain the balance 15 percent ownership. The transaction, valued at $100 million, is expected to be completed in one to two months, subject to government approvals in the United States and meeting certain closing conditions. JFC will pay Master through BGI in cash. /