This, as the former reached a deal to increase its stake in the latter to 100 percent.
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, November 5, Jollibee Foods Corporation (JFC) reported that it has reached a deal with Titan Fund, a subsidiary of Titan Dining LP, concerning the Tim Ho Wan restaurant chain.
As per JFC, through the subsidiary Jollibee Worldwide Pte. Ltd. (JWPL), it has reached a deal with Titan Fund to buy the latter’s 8 percent share in the chain for SG$ 20.2 million (almost PHP 900 million, based on the current exchange rate.)
This will effectively increase Jollibee’s 92 percent interest in the Tim Ho Wan chain to 100 percent, effectively making it a fully-owned subsidiary of Jollibee Foods Corporation.
“Completion of the transaction is subject to closing conditions. After which, TPL (Tim Ho Wan Ltd.) shall be consolidated into Jolibee group’s portfolio and financial reports,” JFC filed in its disclosure.
Tim Ho Wan was established in Hong Kong in 2010 by the tandem of Chefs Mak Kwai Pui and Leung Fai Keung.
It was also once the most-affordable Michelin-starred restaurant in the world, having received the coveted recognition from its inception until 2021.
Jollibee says that the Tim Ho Wan chain has since grown its footprint to 80 stores in 11 countries, with plans already laid out for it to become the “flagship brand for Jollibee group’s Chinese Cuisine segment.”
According to its website, JFC owns multiple brands under its portfolio, including its namesake Filipino fastfood chain Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Coffee Bean and Tea Leaf (CBTL), Highlands Coffee, Smash Burger, and Milksha.
The group also operates the Philippine franchises to popular global brands like Burger King, Panda Express, and 50% of Yoshinoya Philippines.
As it furthers expand its portfolio, in July, JFC acquired growing Korean coffee chain Compose Coffee for US$ 340 million.