Finance
Filipino fast-food chain Jollibee is returning to Malaysia, opening a store in Sabah.
According to CEO Ernesto Tanmantiong, the Jollibee Malaysia move is part of the company’s aspirations to open 500 stores under a PHP12 billion (US$224 million) spending plan, including new destination markets such as the UK, Malaysia and Indonesia.
Sabah is geographically closest to the Philippines and has a large Filipino community.
Jollibee founder and chairman Tony Tan Caktiong said: “We expect revenues and profit to continue to at least sustain [Jollibee’s] historical growth rates this year and in the years ahead.”
The original Jollibee Malaysia business closed down following the 1997 Asian financial crisis.
