Local fast-food giant Jollibee Foods Corp. has set the platform to bring its flagship hamburger chain brand to Singapore, the wealthiest Southeast Asian country in terms of per capita income.
JFC announced on Wednesday that it had teamed up with Singaporean-owned Beeworks Inc. to form a new unit that will own and operate Jollibee stores in the island nation.
Under the agreement, the parties will establish a company in Singapore, which will be 60-percent owned by JFC’s wholly owned Golden Plate Pte. Ltd. (GPPL) and 40 percent owned by Beeworks. This company will have an initial funding of $1 million.
“GPPL will have full management control of the company while leveraging on Beework’s experience, reputation and network to establish the Jollibee brand in Singapore,” the JFC disclosure said.
JFC described its partner Beeworks as having an extensive business experience in the retail and hospitality sector.
Overseas expansion is part of JFC’s growth strategy. The city-state of Singapore, although with a small population of only 5.18 million as of 2011, has the most affluent consumer base in Southeast Asia with a per capita gross domestic product of $50,916.58.
As of end-March, JFC was operating a total of 2,513 stores globally, 509 of which are overseas and 13 of which were new stores opened in the first quarter of 2012.
JFC is now present in the following countries: China (354 under the Yonghe King, Hong Zhuang Yuan and San Pin Wang brands); 81 in the United States (Jollibee, Red Ribbon, Chowking and Chow Fun; 32 in Vietnam (all Jollibee); 17 in Dubai (all Chowking); 11 in Brunei (all Jollibee); seven in Jeddah (Jollibee); two in Indonesia (Chowking); two in Qatar (Chowking). There is one Jollibee store each in Hong Kong, Qatar and Kuwait.