Jollibee, Panda Express form joint venture company
Jollibee Foods Corporation (JFC) has formally built a joint venture company with Panda Restaurant Group, Inc., America’s largest family-owned and operated Chinese American restaurant concept — a move that will pave the way for the establishment of Panda Express restaurants in the Philippines.
A disclosure to the Philippine Stock Exchange showed that JFC and Panda Express have recently incorporated their joint ventures company JBPX Foods, Inc. with an initial capital of P250 million.
As a start, JBPX Foods, Inc. will set up five Panda Express stores in Metro Manila. Profit sharing shall be in accordance to the 50-50 ownership.
“With proven track records in providing great tasting food at a great value, JFC and Panda join hands to introduce American Chinese food, a globally-influenced cuisine inspired by authentic Chinese culinary principles, to the Philippines,” JFC said in a statement.
“The two restaurant giants aim to deliver exceptional dining experiences through their shared foundation and commitment to their dedicated employees, loyal guests, and great operations. Long-term, Panda Express has a high potential for broad acceptance across the country,” it added.