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JOLLIBEE ACQUIRES 85% OF YONGHE KING


AsiaInfo Services

02-26-2004

Jollibee Acquires 85% of Yonghe King

SHANGHAI, Feb 26, 2004 (SinoCast via COMTEX) -- The Shanghai-based Yonghe King Co., Ltd. (website: http://www.yonghe.com.cn/), a subsidiary of Yonghe Group Limited in Taiwan, announces that Jollibee, Philippine's leading fast food chain, has acquired 85% of Yonghe King for USD 22.5 million with a USD 11.5 milliondown payment.

It is the first Philippine capital injection into a Chinese mainland company.

According to Li Yulin, executive vice president of Yonghe Group, the money

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