C04265-2021

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Jun 22, 2021
2. SEC Identification Number
77487
3. BIR Tax Identification No.
000-388-771
4. Exact name of issuer as specified in its charter
JOLLIBEE FOODS CORPORATION doing business under the name and style of Jollibee
5. Province, country or other jurisdiction of incorporation
PHILIPPINES
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
10/F JOLLIBEE PLAZA BUILDING, 10 F. ORTIGAS JR. AVENUE, ORTIGAS CENTER, PASIG CITY Postal Code 1605
8. Issuer's telephone number, including area code
(632) 8634-1111
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common 1,109,250,251
Treasury 16,447,340
11. Indicate the item numbers reported herein
-

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Jollibee Foods CorporationJFC

PSE Disclosure Form 4-22 - Joint Ventures References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

JFC Enters into a Joint Venture with Yoshinoya International Philippines
Background/Description of the Disclosure

Jollibee Foods Corporation (JFC), one of the largest Asian food service companies, with Yoshinoya International Philippines, Inc. (YIPI), announced today that it will establish a 50/50 joint venture to operate and expand the “Yoshinoya” brand in the Philippines.

Yoshinoya is a beef bowl business based in Japan and one of the largest and most recognized Japanese restaurant brands globally, with over 2,000 stores worldwide.

YIPI is the Philippine subsidiary of Asia Yoshinoya International SDN BHD and Yoshinoya Holdings Co. Ltd., the trademark owner of the Yoshinoya System.

This disclosure has been amended to announce the formal incorporation of the JV company named “Yoshinoya Jollibee Foods, Inc. Doing business under the name and style of YOSHINOYA” with the Securities and Exchange Commission on June 18, 2021. The Certificate of Incorporation was received by the Company on June 21, 2021.
Date of Approval by Board of Directors Feb 15, 2021
Date of Approval by Stockholders, if applicable N/A
Description and nature of the transaction including the timetable for implementation, and related regulatory requirements

The joint venture company will be the franchisee for “Yoshinoya” in the Philippines. The joint venture plans to open 50 stores in the Philippines in the long-term.

As part of the conditions precedent to the incorporation of the joint venture company, YIPI secured approval as a foreign retailer from the Philippine Board of Investments on May 5, 2021. Consequently, the parties completed the incorporation of the joint venture company, Yoshinoya Jollibee Foods, Inc. on June 18, 2021. The company received the official Certificate of Incorporation from the SEC on June 21, 2021.
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction

Yoshinoya is JFC’s first ever Japanese food chain. The Yoshinoya brand will be a strong addition to the foreign franchised brands currently being operated by JFC in the Philippines, namely: Burger King (with 98 stores), PHO 24 (1 store) and Panda Express (1 store). These brands contribute 3.5% to the Philippine business’ system wide sales. Yoshinoya’s contribution to JFC’s system wide sales will not be significant yet as it has very limited number of stores, but it has huge opportunity to increase sales by taking advantage of the strong demand for food delivery. Yoshinoya’s food, particularly its signature Gyudon beef bowl holds very well for delivery.
Terms and conditions of the joint venture
Amount of investment and/or interest by the parties involved

• 50% JFC; 50% YIPI
• The JV Company will initially have an authorized capital stock of the Philippine Peso equivalent of PhP130,000,000 and plans to open 50 stores in the Philippines in the long-term.
Provisions on profit-sharing, arrangements on management and operations

Profit sharing shall be in accordance with the 50/50 ownership. The JV Company shall have its own management with JFC providing support.
Conditions precedent to closing of transaction, if any

N/A
Other salient features of the joint venture agreement

Obligation to comply with regulatory requirements.
Identity and/or corporate background of the parties to the transaction, including the following
Name Nature of Business Nature of any material relationship with the Issuer and the parties to the joint venture, their directors/officers or any of their affiliates
Jollibee Foods Corporation (Issuer) Food and Beverage/Quick Service Restaurant Not applicable
Yoshinoya International Philippines, Inc. Japanese multinational food restaurant company None
Effect(s) on the business, financial condition and operations of the Issuer, if any

Yoshinoya is JFC’s first ever Japanese food chain. The Yoshinoya brand will be a strong addition to the foreign franchised brands currently being operated by JFC in the Philippines, namely: Burger King (with 98 stores), PHO 24 (1 store) and Panda Express (1 store). These brands contribute 3.5% to the Philippine business’ system wide sales. Yoshinoya’s contribution to JFC’s system wide sales will not be significant yet as it has very limited number of stores, but it has huge opportunity to increase sales by taking advantage of the strong demand for food delivery. Yoshinoya’s food, particularly its signature Gyudon beef bowl holds very well for delivery.
Other Relevant Information

This disclosure has been amended to announce the formal incorporation of the JV company named “Yoshinoya Jollibee Foods, Inc. Doing business under the name and style of YOSHINOYA” with the Securities and Exchange Commission on June 18, 2021. The Certificate of Incorporation was received by the Company on June 21, 2021.
Filed on behalf by:
Name VALERIE AMANTE
Designation VICE-PRESIDENT