Jollibee Foods Corporation, (JFC) through wholly-owned unit Golden Plate Pte. Ltd., has entered into a joint ventur (JV) agreement for a company together with Beeworks Inc. to own and operate Jollibee stores in Singapore.
In a disclosure to the Philippine Stock Exchange (PSE), Jollibee said Beeworks is owned mostly by Singaporean individuals with extensive business experience in the retail and hospitality sector.
Under the agreement, the parties will put up a company in Singapore which will be 60 percent-owned by Golden Plate and 40 percent by Beeworks with an initial funding of USD1 million.
(Source: Manila Bulletin)