Jollibee and Japanese fast-food brand Yoshinoya to open 50 stores nationwide
Jollibee Foods Corp. has announced that the incorporation of its joint venture with Japanese food chain Yoshinoya is now complete.
The homegrown fast-food giant said the Securities and Exchange Commission cleared the 50-50 joint venture on June 18 which will 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,” said Tony Tan Caktiong, Jollibee CEO.
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.
Yoshinoya will be the latest addition to Jollibee-operated brands like Chowking, Greenwich, Red Ribbon, and Mang Inasal, among others.
Shares in Jollibee gained 2.08% to close at ₱206.40 each on Tuesday.
SOURCE: Phil Star
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