Jollibee to open stores in Singapore :MANILA, Philippines – Homegrown food giant Jollibee Foods Corp. is set to conquer Singapore through a joint venture firm. In a disclosure to the Philippine Stock Exchange on Wednesday, May 16, Jollibee said its subsidiary, Golden Plate Pre. Ltd (GPPL), has entered into a 60-40 agreement with Singaporean firm Beeworks, Inc, to operate fast food branches there. Jollibee will control the joint venture firm, which will have initial funding of $1 billion. “GPPL will have full management control of the company while leveraging on Beeworks’s experience, reputation and network to establish the ‘Jollibee’ brand in Singapore,” the listed firm disclosed. Jollibee soon to open in Singapore Jollibee This deal increases the global footprint of Jollibee and its other brands to 10 countries. Currently, Jollibee operates 2,513 stores worldwide. * Jollibee – 33 in USA, 32 in Vietnam, 11 in Brunei, 7 in Jeddah 7, and one each in Hong Kong, Qatar and Kuwait * Red Ribbon – 33 in the US 33 * Chowking – 19 in US, 17 in Dubai, 2 in Indonesia, 2 in Qatar * Chow Fun – 3 in US * San Pin Wang – 35 in China * Yonghe King – 267 in China * Hong Zhuang Yuan – 52 in China , Jollibee 79 In the Philippines, the Jollibee group operates the largest restaurant network. It operates a total of 2,004 stores in the country as of March 2012. The breakdown: * Jollibee brand, 752 stores * Chowking, 381 * Greenwich, 204 * Red Ribbon, 207 * Mang Inasal, 436 * Burger King, 24 Financial performance Strong local and foreign sales buoyed Jollibee group’s net income in the first quarter by 8.1% to P672 million. Systemwide sales, a measure of all sales from both company-owned and franchised stores, rose 15% to P21.55 billion from P18.74 billion in the first quarter of 2011. Its Philippine brands grew by 13.8% in the first quarter due to continued strong same store sales growth of all brands and from store network expansion Its foreign business, on the other hand, reported a 20.5% growth in system wide sales with the China business growing by 26.9%, Southeast Asia and the Middle East business by 22.6% and the US business by 6.9%. Jollibee soon to open in Singapore :MANILA, Philippines – Singaporeans will soon get a taste of Chickenjoy, Yum burger and Jolly Spaghetti, as the Philippines’ biggest fast food chain Jollibee is laying the groundwork to finally open a store in the city-state. In a disclosure to the stock exchange, Jollibee Foods Corp. (JFC) said its wholly owned subsidiary Golden Plate Pte. Ltd. signed an agreement to form a company with Beeworks Inc. to open and operate Jollibee stores in Singapore. The new company will be 60% owned by Golden Plate and 40% owned by Beeworks. Golden Plate will have full management control of the company, while leveraging on Beeworks’ experience and network to establish Jollibee in Singapore. JFC said the new Singapore company will have an initial funding of $1 million. Beeworks is described as a company owned by mostly Singaporeans with experience in retail and hospitality sector. There are currently 79 Jollibee stores around the world: 26 in the U.S., 32 in Vietnam, 11 in Brunei, 7 in Jeddah and 1 each in Hong Kong, Qatar and Kuwait. JFC, the country’s largest food service company, saw its profit grow by 8.1% to P682 million in the first three months of 2012, as its restaurants in the Philippines and other countries continued to show strong growth. The company operates 2,004 stores in the Philippines, including Jollibee (752 ), Chowking (381), Greenwich (204), Red Ribbon (207), Mang Inasal (436) and Burger King (24). Overseas, JFC operates Yonghe King and Hong Zhuang Yuan in China, as well as Jollibee, Red Ribbon, Chowking in the Middle East and Southeast Asia. Jollibee eyes Singapore expansion FAST FOOD GIANT Jollibee Foods Corp. is looking to expand its regional store network in Singapore after forging a joint-venture deal with a food firm there, a disclosure to the local bourse showed on Wednesday. The homegrown food firm, through its wholly-owned subsidiary Golden Plate Pte. Ltd. (GPPL), has agreed to form a company with Singapore-based Beeworks, Inc. in a bid to establish and operate Jollibee stores in Singapore, the disclosure read. The new company will be 60% owned by Jollibee, and 40% owned by Beeworks. “GPPL will have full management control of the company, while leveraging on Beeworks’ experience, reputation, and network to establish the Jollibee brand in Singapore,” Jollibee said. Initial funding for the proposed Singapore company is estimated to be $1 million, the disclosure read. — Franz Jonathan G. de la Fuente
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