JOLLIBEE Foods Corp. (JFC) on Tuesday said it received the formal incorporation of its 50/50 joint venture with Yoshinoya International Philippines, Inc. (YIPI) from the Securities and Exchange Commission (SEC).
“The parties completed the incorporation of the joint venture company, Yoshinoya Jollibee Foods, Inc. on June 18, 2021. The company received the official Certificate of Incorporation from the SEC on June 21,” JFC said in a disclosure to the exchange.
The joint venture company will have an initial authorized capital stock equivalent to P130 million. It will also have its own management, which will be supported by JFC.
The Philippine Board of Investments also gave YIPI approval as a foreign retailer. YIPI is the Philippine subsidiary of Asia Yoshinoya International SDN BHD and Yoshinoya Holdings Co. Ltd., which owns the trademark of the Yoshinoya system.
The venture aims to expand the Yoshinoya brand in the country, with a long-term plan of opening 50 stores.
Yoshinoya is the first Japanese food chain of JFC. The company said that it will be a “strong addition to the foreign franchised brands currently being operated by JFC in the Philippines.”
On Tuesday, shares of JFC at the stock market went up by 2.08% or P4.20 to close at P206.40 each. — Keren Concepcion G. Valmonte
