Japanese chain Ringer Hut plans Philippine expansion
The move is part of their goal in launching 50 international outlets by 2020.
Ringer Hut Co. Ltd. has expressed its plans to set up shop in the Philippines through a joint-venture agreement.
A letter by the country’s Securities and Exchange Commission (SEC) addressed to Tokyo Consulting Firm, acting on behalf of Ringer Hut, reveals the Japanese fast food chain’s intention to set up a local joint venture where they will own 40% while Filipino-entities will own 60%.
The SEC said that they will allow the company to do so once they pay for the minimum paid-up capital of US$2.5 million in its peso equivalent. They also mentioned that if Ringer Hut will open up a store on its own, they need to pay a minimum investment of USD$830,000 per store.
Ringer Hut is a fast food chain from Nagasaki, Japan. It has recently announced that they will be setting up an outlet in Vietnam, following its international presence in the United States, Hong Kong, Indonesia, Taiwan and Cambodia.
(Photo credit: Zatsu Blog)
