MANILA, Philippines - A subsidiary of Jollibee Foods Corp. (JFC) has completed its acquisition of a 55% stake in a noodle fast food chain in South China.

Jollibee Worldwide Pte. Ltd. (JWPL) acquired 55% of Guangxi San Pin Wang Food and Beverage, which operates the San Pin Wang beef noodle business. The rest of the company is held by Guangxi Zong Kai Food Beverage Investment Company Ltd. (GZK).

JWPL is investing 30 million RMB (approximately P203 million) for the stake in San Pin Wang, a fast food chain serving low-priced beef noodles. As joint venture partners, JWPL and GZK will put in additional 20 million RMB (around P135 million) in San Pin Wang.

JFC is hoping to expand the Chinese fast food chain's operations in other cities in China. San Pin Wang has 34 stores, mostly in Nanning City, Guangxi Province. Total sales reached 110 million RMB in 2011.

"JFC and its parner GZK aim to serve high quality but low-priced San Pin Wang noodles to consumers in urban areas in China. San Pin Wang plans to expand its operations in other cities in the years ahead," the company said.

The Jollibee Group already owns and operates two businesses in China - Yonghe King and Hong Zhuang Yuan. In the Philippines, JFC operates Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal and Burger King.