Jollibee to open Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines
Daphne Yow
PHILIPPINES-LISTED food group Jollibee Foods Corporation has formed a joint venture (JV) with a company called Food Collective to open Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines.
Jollibee Foods on Thursday (Aug 3) said it will hold 60 per cent of the JV while Food Collective will own the remaining 40 per cent.
Both companies will invest up to 250 million Philippine pesos (S$6 million) in the unnamed company, which will have its own resources and manpower. Jollibee Foods will take the lead in managing and operating the business.
Food Collective owns both the Tiong Bahru Bakery and Common Man Coffee Roasters brands. These brands came under the Jollibee Foods umbrella in 2022, through a private equity fund called Titan Dining.
Jollibee Foods has a 90 per cent participating interest in Titan Dining. Food Collective is 80 per cent owned by Titan Dining. The remaining 20 per cent ownership is split between Singapore businesswoman Cynthia Chua and her brother Chua Koon Beng.
There are 16 Tiong Bahru Bakery outlets and five Common Man Coffee Roasters outlets across Singapore and Malaysia.
A NEWSLETTER FOR YOU
Friday, 8.30 am
Asean Business
Business insights centering on South-east Asia's fast-growing economies.
“These brands will be a strong addition to Jollibee Foods’ foreign franchised brands and will allow (it) to capture an even greater opportunity and strengthen (its) position for further growth in the Philippine market,” said Jollibee Foods’ chief executive Ernesto Tanmantiong.
Jollibee Foods is best known as the operator of the Jollibee fast food chain. In the Philippines, it also operates three foreign franchised brands: Burger King, Panda Express and Yoshinoya. These comprise about 3 per cent of the company’s consolidated system-wide sales.
The company has significant food and beverage as well as lifestyle operations across the South-east Asian region as well as in China, North America and the Europe and Middle East region.
Shares of Jollibee Foods were up 0.2 per cent or 0.4 pesos at 260 pesos as at 3 pm on Friday.
Copyright SPH Media. All rights reserved.
