Jollibee Foods Corp. on Tuesday said its subsidiary Golden Plate Pte Ltd. signed a joint venture with Golden Crown Foods to create a company that will own and operate Jollibee stores in the United Arab Emirates.
Golden Plate will own 49% of the joint venture company, with the rest owned by Golden Crown. Both companies will share control and management of the UAE company.
Jollibee said the initial funding for the yet unnamed UAE company will be $80,000.
However, Jollibee did not say when it will open its popular fast food chain in the UAE.
JFC said it currently has 42 outlets, all franchised, in the Middle East. This includes 16 Jollibee stores (9 in Saudi Arabia, 4 in Qatar and 3 in Kuwait); and 26 Chowking stores (5 in Qatar, 2 in Oman and 19 in UAE).
As of end-December 2013, JFC Group had a total of 2,764 stores around the world. In the Philippines, it has 2,181 restaurant outlets, comprised of 811 Jollibee stores, 400 Chowking, 199 Greenwich, 278 Red Ribbon, 459 Mang Inasal and 34 Burger King. Overseas, JFC has 583 stores.
JFC also has 50% stake in joint ventures for Highlands Coffee in Vietnam and the Philippines; Pho 24 in Indonesia, Vietnam, Philippines, Macau, Hong Kong and Cambodia; and Sabu in China.
source: www.abs-cbnnews.com
