Jollibee eyes over 120 stores in West Malaysia

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Metro Manila (CNN Philippines, July 29) — Food chain giant Jollibee Foods Corp. is expanding its international footprint through a joint venture seeking to establish and operate at least 120 stores in West Malaysia, covering the capital Kuala Lumpur.

Its subsidiary Golden Plate Pte. Ltd. based in Singapore inked a joint agreement with Beeworks Investment Pte. Ltd. for Jollibee's venture in Malaysia.

The deal includes the creation of a company in Malaysia with an initial investment of $8 million, the group said in a disclosure Thursday.

Jollibee's subsidiary will hold 30% while Beeworks Investment will control 70% of the firm.

The deployment of at least 120 Jollibee stores is targeted within 10 years, starting next year.

The Filipino fast-food chain said it has a total of 885 stores in Southeast Asia, accounting for 6.7% of its global system-wide sales.

"The creation of the joint venture for Jollibee West Malaysia will accelerate even more this growth and will help make Southeast Asia a more significant business for the JFC group," it said.

The Jollibee Group of Companies operates 17 brands in 33 countries.