Jollibee poised to add 100 outlets in China

Jollibee Foods Corporation (JFC) chairman Tony Tan Caktiong revealed Wednesday his company's plan to expand operations in China next year by opening at least 100 new outlets, according to a report of state-run radio dzRB. The tycoon, dzRB radio said, unveiled the JFC expansion program in China, where he is on the 270-strong business delegation of Filipino business leaders for the state visit of President Benigno Aquino III. According to its latest quarterly financial report to the Philippine Stock Exchange, JFC has one Jollibee restaurant in Hongkong. In mainlaind China, JFC has 51 Hong Zhuang Yuan branches and 226 Yonghe King outlets. JFC said its China business posted strong growth of 28 percent in the first six months of this year. Last May, its subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) signed a framework agreement with Viet Thai International Joint Stock Corp. to establish a platform to own and operate a portfolio of restaurants in Vietnam, Hong Kong, Macau and Southern China. Viet Thai owns and operates Highlands Coffee, Hard Rock Café and other smaller food outlets in Vietnam. It also owns Hard Rock Café in Hong Kong. Last April, JFC entered into an agreement with The Bank of Tokyo—Mitsubishi UFC Ltd. for P900 million in financing for capital expenditures and foreign acquisitions. JWPL also entered into loan agreements with Citibank, N.A. and The Bank of Tokyo—Mitsubishi UFC Ltd. (Singapore) for $40 million and $30 million, respectively. "The capital expenditures include new store openings, existing store renovations, the construction of its logistics center in Metro Manila and the construction of its commissary in Shucheng County, Anhui Province, People's Republic of China," JFC said in a statement. — Amita O. Legaspi/ELR/JVP, GMA News