MANILA - Jollibee Foods Corp said Tuesday its joint venture with Japan's Yoshinoya has been formally incorporated with the Securities and Exchange Commission.
Announced last February, Yoshinoya Jollibee Foods Inc is a 50-50 joint venture with Yoshinoya International Philippines Inc. It aims to operate and expand the Japan-based Yoshinoya brand in the country and open 50 stores in the Philippines in the long term.
"Yoshinoya is a beef bowl business based in Japan and one of the largest and most recognized Japanese restaurant brands globally, with over 2,000 stores worldwide," Jollibee said.
In a disclosure to the stock exchange, JFC said it received the certificate of incorporation from the SEC last June 21.
Yoshinoya "has a huge opportunity to increase sales by taking advantage of the strong demand for food delivery. Yoshinoya’s food, particularly its signature Gyudon beef bowl holds very well for delivery," JFC said.
Yoshinoya International Philippines Inc (YIPI) is the Philippine subsidiary of Asia Yoshinoya International SDN BHD and Yoshinoya Holdings Co. Ltd, trademark owner of the Yoshinoya System, JFC said.
Jollibee said the Yoshinoya brand will be a strong addition to the foreign franchised brands currently being operated by JFC in the Philippines, namely: Burger King, PHO 24 and Panda Express.