Jollibee commits S$90M for Asian expansion

Homegrown fast food giant Jollibee Foods Corp. (JFC) on Wednesday said it has committed a 90-million Singaporean dollar capital in Titan Dining II LP (Titan Fund II) as the company seeks to expand its international footprint.

In a regulatory filing, JFC said the capital commitment will be made through its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL), equivalent to a 90% participating interest.

The Titan Fund II — totaling $100 million — is set to be managed by Titan Dining Partners II Ltd., which consists of individuals with expertise in the Asia-Pacific food and beverage sector.

“The fund size of Titan Fund II will be $100,000,000 which will be used to fund strategic investments in food and beverage concepts with the objective to further grow Asia Pacific food service brands and/or bring strong global food service brands to Asia Pacific,” the filing read.

Locally, JFC last month said it has earmarked P23 billion for its capital expenditures (capex) in 2024, as it plans to open as many as 750 owned and franchised stores this year.

The company operated 6,902 stores across the globe as of February 29, 2024 — 3,336 in the Philippines, and 3,566 overseas.

Its brands consist of Highlands Coffee, Coffee Bean and Tea Leaf, Milksha, Jollibee, Chowking, and Mang Inasal.

JFC ended 2023 with a 22.4% increase in its net income to P8.985 billion, as revenues gained 15.2% to P244.107 billion, and systemwide sales increased by 16.3% to P345.324 billion. —VAL, GMA Integrated News