MANILA, Philippines - Homegrown fast food giant Jollibee Foods Corp. (JFC) said Wednesday it has entered into a joint venture deal with a Singaporean firm for a commissary in China.
In a disclosure to the Philippine Stock Exchange, JFC said its wholly-owned unit Jollibee Worldwide Pte. Ltd. signed an agreement with Hua Xia Harvest Holding Pte. Ltd. to undertake food manufacturing operations to supply products primarily to the JFC Group.
The firms have set up Jollibee Foods Processing Pte. Ltd., which is 70% owned by JFC, and 30% held by Hua Xia.
For its first project, the joint venture will invest 50 million yuan for a food processing plant in Shucheng Country in Anhui Province, China.
Construction of the plant will begin in a few months, while production is slated next year.
"This commissary will supply the products for the restaurants of the Jollibee Group in China, initially, Yonghe King, for its stores in Beijing," JFC said.
Currently, the JFC Group operates 2 businesses in China: Yonghe King with 177 stores, and Hong Zhuang Yuan with 49 stores. It also owns 55% of San Pin Wang restaurant chain, which has 34 stores in South China.
JFC runs the largest fast food network in the Philippines. As of June 30, it had a total of 1,584 stores nationwide. It also operates 257 stores abroad.
http://www.abs-cbnnews.com/business/07/28/10/jollibee-build-commissary-china
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