MANILA (July 29): Time for some Chickenjoy soon. Jollibee Foods Corp (JFC) has signed a joint venture to own and operate Jollibee stores (pictured) in West Malaysia including Kuala Lumpur, reported ABS-CBN News.

In a statement today to the Philippine Stock Exchange, the venture will involve the opening of at least 120 of the popular Filipino fast food stores within a decade, starting in 2022.

The joint venture was formed between JFC's Singapore based unit, Golden Plate Pte Ltd and Beeworks Investments Pte Ltd, also based in the city-state.

Under the deal, the parties will establish a company in Malaysia in which 30% will be owned by Golden Plate while 70% will be owned by Beeworks Investments.

Beeworks Investments is majority-owned by Jollibee East Malaysia franchisee Patrick Chong.

Chong is the chairman of Luxasia Group, which carries a number of luxury and lifestyle brands.

Both parties in the venture have committed to initially invest US$8 million (about RM33.7 million) to the joint venture, of which up to US$2.4 million will be from Golden Plate "in proportion to its ownership in the business", the statement said.

The Jollibee Group operates 17 brands in 33 countries with a total network of 5,816 stores globally.

Get the latest news @ www.EdgeProp.my

Subscribe to our Telegram channel for the latest stories and updates 

Click here for more property stories

SHARE
RELATED POSTS
  1. Maimunah Mohd Sharif appointed new KL mayor
  2. Kuala Lumpur’s industrial market driven by international plans and strategic expansions — JLL Malaysia
  3. Home Ministry to review Forbes report naming KL as fifth most dangerous city to visit in Southeast Asia