The American-Chinese restaurant chain has more than 2,100 locations globally.
Jollibee Foods Corporation (JFC), the Philippines’ largest fast food company, announced that it has established a joint venture company with US-based Panda Restaurant Group Inc. to initially put up five Panda Express stores in Metro Manila.
In a regulatory filing, the company said the joint venture, JBPX Foods Inc., was incorporated by the country’s Securities and Exchange Commission last 3 July.
JBPX has US$5 million in authorized capital stock, with JFC and Panda contributing 50% each.
“Profit sharing shall be in accordance to the 50/50 ownership. The JV company shall have its own management with JFC providing support,” JFC said.
Panda Express has more than 2,100 locations in the US, Puerto Rico, Guam, Guatemala, El Salvador, Aruba, Canada, Mexico, Dubai, Saudi Arabia, Korea, Japan, and Russia.
Photo credit: Panda Express Facebook
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