by TMR / pic by BLOOMBERG
JOLLIBEE Foods Corporations has signed a joint venture (JV) to operate Jollibee stores in West Malaysia with an investment of US$ 8mil (RM33.7 mil).
JFC through its wholly owned subsidiary, Golden Plate Pte. Ltd. (GPPL), and Beeworks Investment Pte. Ltd. (BIPL) will form a private company which will then own and operate the Jollibee stores in West Malaysia, the company said in a filing to the Philippines stock exchange today.
“The JV will facilitate Jollibee’s entry into West Malaysia and is an excellent opportunity to introduce the Jollibee brand to the West Malaysian market,” JFC stated.
The JV will be 30% owned by GPPL and 70% owned by BIPL.
The US$ 8mil is the estimated working capital to fund the first 2 years of operation of the JV.
“Out of this amount, US$ 2.4 million will be contributed by GPPL in proportion to its ownership in the business. Provisions on profit-sharing, arrangements on management and operations The JV will be 30% owned by GPPL and 70% owned by BIPL,” the company added.