Jollibee said Thursday it would soon offer milk tea in Chowking stores after it agreed to acquire a majority stake in a popular milk tea brand from Taiwan.
The largest Filipino fast food operator will buy 51% of Milkshop International Co. Ltd. for $12.8 million (P647 million), while its co-founders will keep the remaining 49% share, Jollibee told the stock exchange.
Jollibee said the acquisition would give it the "opportunity to participate in this fast-growing beverage category." Chowking has its own cold tea drink with cream, Nai Cha.
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Founded in Tainan City in 2018, Milkshop International operates the brands Milkshop and Milksha, which boasts of its own dairy ranch for milk and bobba or pearls with no preservatives and caramel coloring.
It has 250 outlets, 231 of which are in Taiwan. It has four shops in Hong Kong, two in Melbourne, two in Vancouver and 12 in Singapore. Total system wide sales in 2020 reached $74.7 million, growing from tghe previous year despite the pandemic.
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