Metro Manila, Philippines, August 3, 2023 – Jollibee Foods Corporation (PSE: JFC)

Jollibee Foods Corporation (JFC), one of the largest Asian food service companies, and Food Collective, Pte. Ltd. (FCPL) today announced the establishment of a joint venture company (JVCo) that will own and operate Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines.

JFC will own 60% of the business while FCPL will own the remaining 40%. Both companies have committed to invest up to PHP250.0 million to the JVCo, which shall have its own resources and personnel with JFC taking the lead in the management and operation of the business. The JVCo will be the franchisee of both brands in the Philippines.

FCPL is a majority-owned subsidiary of Titan Lifestyle Holdings Pte. Ltd., a wholly owned subsidiary of Titan Dining LP in which JFC has a 90% participating interest. The company is incorporated in Singapore and its primary activity is owning and operating lifestyle brands, including Tiong Bahru Bakery and Common Man Coffee Roasters. There are currently 16 Tiong Bahru Bakery and 5 Common Man Coffee Roasters, across Singapore and Malaysia.

Tiong Bahru Bakery is famous for being the “Home of the Hand-made Croissants” and for its baked goods and Coffee, with a commitment to producing high quality food and coffee and celebrating
traditional techniques and its local neighborhoods. Common Man Coffee Roasters operates all-day dining restaurants in Singapore and Malaysia, with an aim to be a Champion for Specialty Coffee and the Best all-day dining concept in Asia. Common Man Coffee Roasters also does coffee roasting, sale of coffee products and operates a Coffee Barista Academy.

JFC Chief Executive Officer, Mr. Ernesto Tanmantiong commented: “We are excited to enter this joint venture with FCPL to own and operate the Tiong Bahru Bakery and Common Man Coffee Roasters
in the Philippines. These brands will be a strong addition to JFC’s foreign franchised brands and will allow JFC to capture an even greater opportunity and strengthen JFC’s position for further growth in the Philippine market.”

JFC currently operates three foreign franchised brands in the Philippines, namely Burger King (127 stores), Panda Express (18 stores), and Yoshinoya (7 stores). These brands contribute ~3% to JFC’s consolidated system wide sales. Common Man Coffee Roasters will start its operation in the Philippines in 2023.

At the end of June 2023, the JFC Group operated 6,617 stores worldwide: Philippines (3,287) and International (3,330): 511 in China, 389 in North America, 340 in EMEA, 673 with Highlands Coffee mainly in Vietnam, 1,117 with CBTL and 300 with Milksha. Its largest brands by store outlets worldwide are Jollibee with 1,609, CBTL 1,117, Chowking 613, Mang Inasal 569 and Highlands Coffee 673.