MANILA, Philippines - Homegrown fast food giant Jollibee Foods Corp. is venturing into the coffee and ice cream business with the acquisition of the master franchise for a Korean restaurant brand.
Jollibee and its joint venture partners, local entrepreneur Pamela Tan and her siblings, will become the master franchisee in the Philippines for "Caffe Ti Amo."
Caffe Ti Amo offers coffee and gelato (Italian ice cream) in a casual dining format. Since being established in 2006, it has grown to 269 stores and has become very successful in Korea.
Jollibee said it will own 50% of the joint venture, while Ms. Tan's party will own the other 50%. The business will have an initial capitalization of P10 million.
Caffe Ti Amo's first store will open in The Annex at SM North Edsa, Quezon City. Additional stores will be located in other major malls.
The Jollibee Group of Companies currently operates the Philippines' largest fast food service network.
As of March 31, it had a total of 1,569 stores nationwide, and 334 stores overseas.
On Tuesday, the company announced it had bought a majority stake in a Chinese noodle chain called San Ping Wang for P200 million (RMB 30 million). abs-cbnNEWS.com
Posted at 05/05/2010 4:58 PM | Updated as of 05/05/2010 5:05 PM
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