By JAMES A. LOYOLA
Manila Bulletin
After giving up on two ventures in Taiwan,
Jollibee Foods Corporation, through wholly-owned unit Jollibee Worldwide Pte. Ltd., is investing RMB 41 million ( $4.4 million) in South China through its joint venture with Guangzi Zong Kai Food and Beverage Investment Company Limited (GZK).
In a disclosure to the Philippine Stock Exchange Tuesday, JFC said JWPL has signed a joint venture agreement with GZK for the eventual joint ownership of San Pin Wang, a chain of restaurants with a total of 34 stores in Nanning and Lizhou, Guang Xi Zhuang Minority Autonomous Region in the People’s Republic of China.
JFC will own 55 percent of San Pin Wang while GZK will own 45 percent of the business. JFC will invest RMB 30 million to secure 55 percent of San Pin Wang.
Both JWPL and GZK will also place additional investments amounting to RMB 20 million on this fast food chain in anticipation of its expansion. The joint venture is estimated to be fully operational by January 2011.
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Topic: Jollibee Expands in China (Read 1048 times)