Jollibee Foods Corp. (JFC) announced its foray into the Singaporean market in a bid to expand its regional footprint.
In a disclosure to the Philippine Stock Exchange, the homegrown fast-food chain said its wholly-owned subsidiary Golden Plate Pte. Ltd. (GPPL) entered into an agreement with Beeworks Inc. to own and operate Jollibee stores in Singapore.
The parties will establish a company in Singapore with GPPL owning 60 percent of the firm. Beeworks will take the remaining 40-percent stake in the company with an initial funding of $1 million.
GPPL will have full management control of the new firm while leveraging on Beework's experience, reputation and network to establish the Jollibee brand in Singapore.
Mostly owned by Singaporean individuals, Beeworks has extensive business experience in the retail and hospitality sectors.
Growth in its overseas business and robust domestic consumer spending fuelled an 8.1 percent increase in JFC's net income attributable to equity holders to P672 million in the first quarter.
The Jollibee group operates the Philippines' largest restaurant network. At end-March, it had 2,004 stores in the country comprising the flagship Jollibee brand, Chowking, Greenwich, Red Ribbon, Mang Inasal and Burger King.
It had 509 stores abroad, including Yonghe King, Hong Zhuang Yuan and San Pin Wang, bringing its total store count worldwide to 2,513.
source: interaksyon.com
