JOLLIBEE TO TAKE FULL OWNERSHIP OF TIM HO WAN

Fast-food giant Jollibee Foods Corporation (JFC) announced that it would be fully taking over ownership and management of Tim Ho Wan Holdings Pte. Ltd. (TPL), the dim sum restaurant chain that originated in Hong Kong.

Well-known Chinese restaurant Tim Ho Wan will be transferred to Jollibee Group’s subsidiary, Jollibee Worldwide Pte. Ltd. (JWPL). JWPL entered into a share purchase agreement with Titan Fund, for the acquisition of 166,458,461 shares of TPL, the owner and operator of Tim Ho Wan.

Jollibee Foods Corp. is set to gain full ownership of Tim Ho Wan, said to be the most affordable Michelin-starred restaurant chain in the world (Photo courtesy of GMA Integrated News)

In a disclosure to the Philippine Stock Exchange titled “Tim Ho Wan Ownership and Management to Transfer to JFC Metro Manila” publicly listed JFC said JWPL will completely take over Tim Ho Wan after paying 20 million Singapore dollars around P885 million, equivalent to 8% interest held by investors in Titan Fund.

''Completion of this transaction is subject to closing conditions. After which, TPL shall be consolidated into Jollibee Group’s portfolio and financial reports,'' JFC said.

''JWPL has held a 92% participating interest in Titan Fund since January 2024. Accordingly, its cash payment for the transaction shall only be the amount of SGD 20.2 million, corresponding to the 8% participating interest held by the other investors in Titan Fund.''

Tim Ho Wan now has 19 stores in mainland China, which JFC said was the focus of its “bold international expansion campaign.”

''This brand is known for bringing the best of Hong Kong to the world through its world-renowned dishes, Barbecue Pork Buns, and other specialties such as the Steamed Rice Roll stuffed with Barbecue Pork, Pan Fried Turnip Cake, and Steamed Egg Cake,'' JFC said.

''Recently launched was a global flagship concept featuring elevated taste of Cantonese cuisine with a modern Hong Kong vibe. More to offer beyond dim sum, acclaimed Hong Kong chefs shall offer Hong Kong restaurant mainstays such as Barbecue Roast and wok dishes headlined by Barbecue Pork, Seafood Poached Rice, Soy Sauce Chicken, Crispy Noodles with Lobster in Black Bean Sauce, and Sweet and Sour Pork,'' it added.

Other food brands in JFC’s Chinese food segment are Chow King, Yonghe King, and Hong Zhuang Yuan. There are at least 11 Tim Ho Wan restaurants in the Philippines, 10 in upscale commercial areas in Metro Manila and 1 in SM Seaside Cebu.

With 80 stores in 11 countries, the Michelin-starred Tim Ho Wan will be the flagship brand for Jollibee Group’s Chinese Cuisine segment.

Source: GMA Integrated News 

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