JFC, Blackbird Holdings forge deal to put up first Jollibee store in Italy

Jollibee Foods Corp. (JFC) on Monday said it has partnered with Singapore-based Blackbird Holdings Pte. Ltd. for a slice of the Italian market as stepping stone to create brand awareness in the market.

In a filing on, JFC said it entered into a joint venture agreement – through wholly-owned subsidiary Golden Plate Pte. Ltd. (GPPL) – with Blackbird Holdings to own and operate the first Jollibee store in Italy.

“GPPL and Blackbird shall incorporate a Singapore company (the “JV Company”) to be owned by GPPL to the extent of 75 percent and to be owned by Blackbird to the extent of 25 percent. The JV Company shall incorporate a wholly-owned subsidiary in Italy to own and operate the store,” the filing read.

JFC, now the largest Asian food service company with 3,290 stores worldwide, said it has committed to invest up to €750,000 through GPPL, in proportion to its ownership in the business.

The total investment commitment at €1 million is seen to “facilitate the entry, and the opening of the 1st store (which) will create the desires awareness for the Jollibee brand in the market.”

As of February 28, JFC operates a total of 2,670 restaurants in the Philippines – 989 Jollibee outlets, 489 Chowking, 251 Greenwich, 396 Red Ribbon, 469 Mang Inasal and 76 Burger King.

It has a 50-percent stake in Highlands Coffee (Vietnam, Philippines), and Pho 24 (Vietnam, Indonesia, Cambodia, Korea, Australia).

It also has a 48-percent stake in 12 Hotpot (China), and a 40-percent stake in Smashburger (US). — Jon Viktor Cabuenas/VDS, GMA News