Jollibee, US-based Panda Group create joint venture firm covering PHL market

Jollibee Foods Corp. (JFC) on Monday said it has established a joint venture company with the Panda Restaurant Group Inc. to initially put up five Panda Express stores in Metro Manila.

In a regulatory filing submitted by JFC vice-president Valerie Amante, the company said the joint venture, JBPX Foods Inc., was incorporated by the Securities and Exchange Commission (SEC) on July 3, 2019.

JBPX has $5 million in authorized capital stock, with JFC and Panda contributing 50% each.

“JFC and Panda announced the establishment of a 50/50 joint venture to bring Panda Express restaurants to the Philippines,” the disclosure read.

Jollibee announced in September 2018 plans to bring Panda Express to the Philippines.

“Profit sharing shall be in accordance to the 50/50 ownership. The JV company shall have its own management with JFC providing support,” JFC said.

Rosemead, California-based Panda Express is famous for its original recipes of Orange Chicken, Sweetfire Chicken Breast, Honey Walnut Shrimp, and Shanghai angus steak.

The restaurant chain which serves American-Chinese cuisine has more than 2,100 locations in the US, Puerto Rico, Guam, Guatemala, El Salvador, Aruba, Canada, Mexico, Dubai, Saudi Arabia, Korea, Japan, and Russia.

JFC currently operates in 21 countries, with over 4,500 stores globally. Its brands include Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, Hong Zhuang Yuan, and Smashburger.

In the next five years, Jollibee has committed to expand its presence in the USA by 150 stores, Canada by 100 stores, Europe by 50 stores, and the United Kingdom by 25 stores. —VDS, GMA News