Jollibee Foods Corporation (JFC), one of the largest Asian food service companies, is forming a joint venture that will aim to open 120 Jollibee branches in Malaysia.
In a disclosure to the Philippine Stock Exchange, the JFC said this will be done through its wholly-owned subsidiary Golden Plate Pte. Ltd. (GPPL), a company based in Singapore.
Under the deal, GPPL has entered into an agreement to form a joint venture company (JVCo) with Beeworks Investment Pte. Ltd. (BIPL), to own and operate the stores in West Malaysia which covers the country’s capital, Kuala Lumpur. The parties will establish a company in Malaysia which 30 percent will be owned by Golden Plate while 70 percent will be owned by Beeworks Investments, the country’s largest restaurant operator said.
The JVCo will have the exclusive license rights to develop the Jollibee brand in West Malaysia. The JVCo aims to open at least 120 stores within 10 years, starting in 2022.
JFC’s business in Southeast Asia outside the Philippines is its fastest growing region with a total of 885 stores.
It has a presence in Vietnam, with 621 stores (Highlands Coffee 427, Jollibee 143, Pho 24 45, The Coffee Bean & Tea Leaf [CBTL] 6), Singapore 72 stores (CBTL 61, Jollibee 11), Malaysia 104 (CBTL 103, Jollibee 1), Indonesia 88 (CBTL 72, Pho 24 16).
The Jollibee Group, one of the fastest-growing companies in Asia, operates 17 brands in 33 countries with a total network of 5,816 stores globally.
This won’t be the first time that Jollibee sets foot in Malaysia as there is currently one Jollibee outlet and it’s in Kota Kinabalu, Sabah. The outlet in KK is Halal-certified so future new outlets opening in West Malaysia will most likely be Halal-certified as well.