MANILA, Philippines – Philippine fast food chain Jollibee is heading to the United Arab Emirates (UAE).
In a disclosure to the Philippine Stock Exchange (PSE), Jollibee Foods Corporation, through its wholly-owned subsidiary Golden Plate Pte Ltd, entered in a deal with Golden Crown Foods LLC to set up a joint venture company that will handle the ownership and operation of Jollibee stores in UAE.
While Golden Plate will hold 49% of the joint venture company, and Golden Crown will own the remaining 51%. The two companies will share control and management of the venture.
Initial funding for the UAE company amounts to around $80,000.
Jollibee is the Philippines’ largest food service company with 2,181 stores as of the end of 2013, with 583 stores in China, Vietnam, Brunei, Saudi Arabia, Qatar, Kuwait, Hong Kong, and Singapore.
Jollibee also has other brands – Chowking, Greenwich, Red Ribbon, Mang Inasal, and Burger King. Jollibee also has a 50% interest in joint ventures for various stores. These include Highlands Coffee (Vietnam, Philippines), Pho 24 (Vietnam, Indonesia, Philippines Hongkong, Macau, and Cambodia), and 12 Sabu (China).
2013 saw Jollibee’s net income increase 24.5% to P4.64 billion. This was the fastest growth in 7 years, and was based on agressive store expansion. The company’s systemwide sales, or sales to consumers by both company-owned and franchised stores, went up 12.8% to P104.9 billion. – Rappler.com