Filipinos will soon no longer have to fly to the US to dine in a Panda Express restaurant.
This, as Jollibee Foods Corporation (JFC), one of the largest Asian food service companies, and Panda Restaurant Group, America’s largest family-owned and operated Chinese American restaurant concept, announced the establishment of a 50/50 joint venture to bring Panda Express restaurants to the Philippines.
In its initial phase, the two industry leaders intend to focus on developing five stores in Metro Manila.
With proven track records in providing great tasting food at a great value, JFC and Panda join hands to introduce American Chinese food, a globally-influenced cuisine inspired by authentic Chinese culinary principles, to the Philippines.
The two restaurant giants aim to deliver exceptional dining experiences through their shared foundation and commitment to their dedicated employees, loyal guests, and great operations.
The JV Company will initially have an authorized capital stock of the Philippine Peso equivalent of $5 million and will initially focus on developing 5 Panda Express restaurants in Metro Manila.
Profit sharing shall be in accordance to the 50/50 ownership. The JV Company shall have its own management with JFC providing support.
In a disclosure to the Philippine Stock Exchange, JFC said “JBPX Foods, Inc.”, the JV Company of Jollibee Foods Corporation and Panda Restaurant Group, Inc. has been incorporated on July 3, 2019.
The Certificate of Incorporation, duly issued by the Securities and Exchange Commission, was received by the company on July 5, 2019.
Last December, Jollibee announced that it has taken complete ownership of American hamburger chain Smashburger after acquiring the remaining 15 per cent stake that it did not own for $10 million.
JFC said the acquisition of Smashburger Master LLC’s 15-per cent stake in SJBF LLC, the parent company of the entities comprising the Smashburger business, was carried out by its subsidiary, Bee Good! Inc.
Bee Good! Inc previously held 85-per cent stake in the burger chain after acquiring an additional 45-per cent stake for $100 million, paid in cash, last February 2018.
Smashburger has 351 stores, mostly in the US, and has presence in Canada, Costa Rica, Egypt, El Salvador, Kuwait, Panama, Saudi Arabia, and the United Kingdom. It accounts for 7 per cent of JFC’s consolidated system-wide sales.
Jollibee, meanwhile, has 435 stores in North America, accounting for 12 per cent of the company’s worldwide system sales. – TravelNews.ph