Jollibee Set to Take Full Ownership of Tim Ho Wan
Filipino fast food giant Jollibee Foods Corporation (JFC) is set to secure 100 percent ownership and management of dim sum restaurant chain Tim Ho Wan. JFC made the announcement on Tuesday, November 5, via a disclosure in the Philippine Stock Exchange saying that its fully owned subsidiary, Jollibee Worldwide Pte. Ltd (JWPL), has signed an agreement with Tim Ho Wan Holdings Pte. Ltd. (TPL), a subsidiary of Titan Dining LP (Titan Fund).
Transfer of ownership will take effect once closing conditions are met. Once finalized, TPL will be integrated into the Jollibee Group’s portfolio and financial statements.
ALSO READ
Jollibee Acquires the Tim Ho Wan Brand
Jollibee Posts Nearly P1 Billion Profit in 2Q of 2021, Completes Buyout of Tim Ho Wan
According to the disclosure, "JWPL has held a 92 percent 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 eight percent participating interest held by the other investors in Titan Fund."
Tim Ho Wan, founded in Hong Kong in 2009 by Chef Mak Kwai Pui, gained recognition as one of the first budget-friendly Michelin-starred venues worldwide. When it debuted in the Philippines in 2014, it attracted long lines of eager customers.
The Sham Shui Po restaurant of Tim Ho Wan, located at 9 Fuk Wing Street in Hong Kong, earned a Michelin star annually from 2010 to 2021. With approximately 80 locations across 11 countries, Tim Ho Wan will serve as the flagship brand for Jollibee Group's Chinese Cuisine division, the disclosure said. Tim Ho Wan is celebrated for showcasing Hong Kong's finest culinary offerings, including its famous Barbecue Pork Buns and other specialties like Steamed Rice Roll with Barbecue Pork, Pan Fried Turnip Cake, and Steamed Egg Cake.
Meawhile, JFC continues to thrive as one of the largest and fastest-growing food service companies in the world. Jollibee has been recognized as the second fastest-growing restaurant brand globally by Brand Finance, achieving a 51 percent increase in brand value to $2.3 billion.
