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Jollibee, Panda Express joint venture scores SEC approval

The Securities and Exchange Commission (SEC) on Wednesday has approved the incorporation of the joint venture company of Jollibee Foods Corporation (JFC) and U.S.-based Panda Restaurant Group, Inc. to bring Panda Express restaurants to the Philippines.

Named JBPX Foods, Inc., the joint venture company will initially develop five Panda Express stores in Metro Manila.

Orange Chicken. Photo courtesy of Panda Express.

According to its regulatory filing, JFC said it has agreed to put up an initial capitalization of $5 million for the joint venture, with profit-sharing in accordance to the 50/50 ownership. 

Photo courtesy of Jollibee.

California-based restaurant chain Panda Express, which serves American-Chinese cuisine, is known for its original recipes including its Honey Walnut Shrimp, Original Orange Chicken, Shanghai Angus Steak, and Sweetfire Chicken Breast. 

It has more than 2,100 locations throughout the US, Canada, Mexico, Dubai, El Salvador, Saudi Arabia, Korea, Japan, Aruba, Puerto Rico, Guam, and Guatemala. 

JFC currently operates in 21 countries, with over 4,500 stores worldwide. Its brands include Jollibee, Greenwich, Red Ribbon, Chowking, Hong Zhuang Yuan, Mang Inasal, Yonghe King, and Smashburger.

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