Jollibee Foods Corporation (JFC), the parent company of the popular Philippine fast-food chain, has announced its acquisition of full ownership of the renowned Hong Kong dim sum restaurant chain, Tim Ho Wan. The deal, valued at S$20.2 million (approximately US$15.3 million), was disclosed on November 5, 2024.
In a statement to the Philippine Securities and Exchange Commission, JFC confirmed that it has signed an agreement with Titan Dining LP (Titan Fund) for the transfer of management and ownership of Tim Ho Wan Holdings Pte. Ltd., the parent company of Tim Ho Wan. Jollibee Worldwide Pte. Ltd., a wholly owned subsidiary of JFC, will take over the remaining 8% stake held by other investors in Titan Fund. Prior to this acquisition, Jollibee Worldwide owned a 92% interest in Titan.
The completion of this transaction is contingent on certain closing conditions. Once finalized, Tim Ho Wan will be fully integrated into Jollibee’s portfolio and financial reports.
Tim Ho Wan is celebrated for its Michelin-starred dim sum and operates around 80 locations across 11 countries. The brand is known for its signature dishes including barbecue pork buns and steamed rice rolls. Following this acquisition, it will serve as the flagship brand for Jollibee’s Chinese cuisine segment.
JFC has been actively expanding its international footprint, having recently gained control of South Korea’s Compose Coffee and invested significantly in other brands such as The Coffee Bean & Tea Leaf. The company reported a 29% increase in net income for the first half of 2024, reflecting strong growth in both domestic and international markets.
This strategic move to acquire Tim Ho Wan aligns with Jollibee’s broader goal of enhancing its global presence and operational efficiency within the competitive food service industry.
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