Fastfood chain operator Jollibee Foods Corp. said Friday it is bringing Singapore’s food and beverage brands Tiong Bahru Bakery and Common Man Coffee Roasters to the Philippines via a P250-million joint venture partnership.
JFC and Food Collective Pte. Ltd. formed a 60:40 joint venture company that will own and operate the two F&B brands in the country.
“We are excited to enter this joint venture with FCPL to own and operate the Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines. These brands will be a strong addition to JFC’s foreign franchised brands and will allow JFC to capture an even greater opportunity and strengthen JFC’s position for further growth in the Philippine market,” Jollibee chief executive Ernesto Tanmantiong said in statement to the stock exchange Friday.
Tiong Bahru Bakery is famous for its baked goods and coffee, while Common Man Coffee Roasters operates all-day dining cafe across Singapore and Malaysia.