Jollibee, Yoshinoya incorporate Philippine joint venture
MANILA, Philippines — Jollibee Foods Corp. announced Tuesday it completed the incorporation of its joint venture with Japanese food chain Yoshinoya.
In a disclosure to the Philippine Stock Exchange, the homegrown fast food giant said the Securities and Exchange Commission cleared the 50-50 joint venture on June 18. The tie-up would see the opening of 50 new Yoshinoya stores nationwide.
“JFC will benefit from Yoshinoya’s experience and know-how in Japanese cuisine. The Philippines remains JFC’s most important market and Yoshinoya will be a strong addition to our presence in the country,” Jollibee CEO Tony Tan Caktiong earlier said.
This joint venture could elevate Yoshinoya’s brand in the Philippines. Prior to the transaction, Yoshinoya International Philippines Inc. had set-up a few branches in the country in past years as the local subsidiary of Asia Yoshinoya International SDN BHD and Yoshinoya Holdings Co. Ltd., the trademark owner of the Yoshinoya System.
Yoshinoya would be the latest addition to brands operated by Jollibee, which include Chowking, Greenwich, Red Ribbon and Mang Inasal, among.
Shares in Jollibee gained 2.08% to close at P206.40 each on Tuesday.