Jollibee Foods Corp. said Friday it is bringing Singaporen 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.
Tiong Bahru Bakery is famous for baked goods and coffee with 16 branches in Singapore, while Common Man Coffee Roasters operates an all-day dining cafe with five stores across Singapore and Malaysia.
Both companies committed to invest up to P250 million in the joint venture company, which will have its own resources.
JFC will take the lead in the management and operation of the business. The joint venture company will be the franchisee of both brands in the Philippines.
FCPL is a majority-owned subsidiary of Titan Lifestyle Holdings Pte. Ltd., which is wholly owned by Titan Dining LP where JFC has a 90-percent participating interest.
The company is incorporated in Singapore, and its primary activity is owning and operating lifestyle brands, including Tiong Bahru Bakery and Common Man Coffee Roasters.
JFC operates three foreign franchised brands in the Philippines including Burger King (with 127 stores), Panda Express (18 stores) and Yoshinoya (7 stores).
These brands contribute 3 percent to the group’s consolidated system-wide sales.
JFC Group was operating 6,617 stores worldwide, including 3,287 in the Philippines and 3,330 overseas as of end-June 2023.