Food chain giant Jollibee Foods Corp. is expanding its international footprint through a joint venture seeking to establish and operate at least 120 stores in West Malaysia, covering the capital Kuala Lumpur.
Jollibee through its wholly-owned subsidiary, Golden Plate Pte. Ltd., and Beeworks Investment Pte. Ltd. will form a private company limited by shares under the laws of Malaysia (the JV) which will own and operate the Jollibee stores in West Malaysia
The deal includes the creation of a company in Malaysia with an initial investment of $8 million, the group said in a disclosure Thursday.
Jollibee’s subsidiary will hold 30% while Beeworks Investment will control 70% of the firm.
The deployment of at least 120 Jollibee stores is targeted within 10 years, starting next year.
The Filipino fast-food chain said it has a total of 885 stores in Southeast Asia, accounting for 6.7% of its global system-wide sales.
“The creation of the joint venture for Jollibee West Malaysia will accelerate even more this growth and will help make Southeast Asia a more significant business for the JFC group,” it said.
The Jollibee Group of Companies operates 17 brands in 33 countries.
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