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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.
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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