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ABS-CBNNews.com reports: "In a disclosure to the stock exchange, Jollibee Foods Corp. (JFC) said its wholly owned subsidiary Golden Plate Pte. Ltd. signed an agreement to form a company with Beeworks Inc.—described as a company owned by mostly Singaporeans with experience in retail and hospitality sector—to open and operate Jollibee stores in Singapore."
The report further revealed that "the new company will be 60 percent owned by Golden Plate and 40 percent owned by Beeworks." The report also noted that "Golden Plate will have full management control of the company, while leveraging on Beeworks' experience and network to establish Jollibee in Singapore."
ABS-CBNNews.com quoted JFC, which revealed that "the new Singapore company will have an initial funding of $1 million." The report then pointed out: "There are currently 79 Jollibee stores around the world: 26 in the U.S., 32 in Vietnam, 11 in Brunei, 7 in Jeddah and 1 each in Hong Kong, Qatar and Kuwait.
For more on this story, log on to ABS-CBNNews.com.