MANILA, Philippines — Asian food conglomerate Jollibee Foods Corp. (JFC) is taking over the management and ownership of Tim Ho Wan.
In a stock exchange filing, JFC said it has signed an agreement with a subsidiary of Titan Dining LP (Titan Fund) for the transfer of ownership and management of the Tim Ho Wan business to Jollibee Group’s wholly owned subsidiary, Jollibee Worldwide Pte. Ltd (JWPL).
According to the company, the transaction will be effected through the transfer of ownership of 100 percent of Tim Ho Wan Holdings Pte. Ltd. (TPL) from a subsidiary of Titan Fund to JWPL.
Once completed, TPL will be consolidated into Jollibee Group’s portfolio and financial reports.
JFC said its cash payment for the transaction would be 20.2 million Singapore dollars, corresponding to the eight percent participating interest held by the other investors in Titan Fund.
Since January 2024, JWPL has held a 92-percent participating interest in Titan Fund.
JFC said Tim Ho Wan would be the flagship brand for group’s Chinese cuisine segment.
Founded in 2009, Tim Ho Wan was once called the most affordable Michelin-starred restaurant in the world.
The brand is known for bringing the best of Hong Kong to the world through its world-renowned dishes and specialties.
It has a global store footprint of around 80 across 11 countries at present.
Recently launched was a global flagship concept featuring elevated taste of Cantonese cuisine with modern Hong Kong vibe.
As of end-June, the Jollibee Group’s store network stood at a total of 6,956 stores worldwide, 3,348 of which are in the Philippines and 3,608 are abroad.
Its largest brands by store outlets worldwide are Jollibee with 1,697, CBTL 1,186, Highlands Coffee 789 and Chowking 618.