Jollibee Foods Corporation is set to invest $100 million to acquire 100 percent of Coffee Bean and Tea Leaf (CBTL) specialty coffee and tea brand based in California.
In a disclosure today, July 24, at the Philippine Stock Exchange, Jollibee stated that its subsidiary, Jollibee Worldwide Pte Ltd, entered into an agreement with a new Singapore-based holdings company to acquire 100% of the US-based coffee and tea brand which has 1,189 outlets worldwide (at the end of 2018) including 139 in the Philippines. View screenshot of the press release below.
CBTL has four branches in Cagayan de Oro: Centrio Mall (ground floor), Centrio Mall (Cinema Lobby), Limketkai Center and SM CDO Downtown Premier.
Download the full disclosure HERE.