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Fastfood chain operator Jollibee Foods Corp. said it plans to raise $111 million through bank borrowings to partially finance the acquisition of South Korean coffee chain Compose Coffee.
Jollibee Foods’ majority-owned Titan Fund and private-equity firm Elevation will assume the remaining 5 percent and 25 percent, respectively. Compose Coffee has 8-percent market share in South Korea with 2,600 stores. Its Americano coffee is priced at 1,500 won. “We would like to take market share growth in Korea. That will be a better return on shareholders because it is quite lucrative and profitable,” Shin said.
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