Jollibee to open stores in Singapore Jollibee Singapore expansion
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.Jollibee Singapore expansion
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.
Jollibee net profit grew 8.1% to P672M in Q1
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.
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