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.
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