C00576-2024 |
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Subject of the Disclosure |
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JFC to Bring Tiong Bahru Bakery and Common Man Coffee Roasters to the Philippines |
Background/Description of the Disclosure |
Jollibee Foods Corporation (JFC), one of the largest Asian food service companies, and Food Collective, Pte. Ltd. (FCPL) today announced the establishment of a joint venture company (JVCo) that will own and operate Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines. |
Date of Approval by Board of Directors | Aug 3, 2023 |
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Date of Approval by Stockholders, if applicable | N/A |
Description and nature of the transaction including the timetable for implementation, and related regulatory requirements |
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The joint venture company will be the franchisee for “Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines. |
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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These brands will be a strong addition to JFC’s foreign franchised brands and will allow JFC to capture an even greater opportunity and strengthen JFC’s position for further growth in the Philippine market. |
Amount of investment and/or interest by the parties involved |
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60% JFC; 40% FCPL; |
Provisions on profit-sharing, arrangements on management and operations |
Profit sharing shall be in accordance with the 60/40 ownership. The JV Company shall have its own management with JFC providing support. |
Conditions precedent to closing of transaction, if any |
None |
Other salient features of the joint venture agreement |
N/A |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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These brands will be a strong addition to JFC’s foreign franchised brands and will allow JFC to capture an even greater opportunity and strengthen JFC’s position for further growth in the Philippine market. |
Other Relevant Information |
This disclosure has been amended to announce the formal incorporation of the Joint Venture company named “FCJB Foods Inc." with the Securities and Exchange Commission, and the execution of the Franchise Agreement with Common Man Coffee Roasters Pte. Ltd. for the first Common Man Coffee Roasters store located at Ayala Triangle Gardens. |
Name | VALERIE AMANTE |
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Designation | VICE-PRESIDENT |