Restaurant operator Jollibee Foods Corp. said Thursday a joint venture company closed down its 12 Hotpot brand in China to focus on larger and fast-growing businesses. Jollibee said in a disclosure to the stock exchange 48-percent-owned subsidiary 12 Hotpot (Shanghai) Food and Beverage Management Co. Ltd. had discontinued the operations of the 12 Hotpot brand effective Oct. 31. It said 12 Hotpot, which was formed in 2012 by Jollibee and Taiwan’s Wowprime Ltd., operated 16 outlets in Shanghai before its operations was discontinued. Jollibee said with the discontinuation of the 12 Hotpot business, the joint venture partnership would be dissolved and liquidated. The 12 Hotpot business was not consolidated in Jollibee’s financial statements and store count as the Filipino company owned a minority in the joint venture.

Source: The Standard November 02, 2017 14:03 UTC