Jollibee to fully acquire Tim Ho Wan
Metro Manila, Philippines — Fast-food giant Jollibee Foods Corp. (JFC) will fully own and manage Hong Kong brand Tim Ho Wan after signing a deal on Tuesday, Nov. 5.
In a disclosure, the Jollibee Group said the Titan Fund, the private equity fund which owns the Tim Ho Wan brand, will transfer full ownership of Tim Ho Wan Holdings Pte. Ltd. (TPL), the holding company of the Tim Ho Wan business, to JFC's wholly owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL).
“After which, TPL shall be consolidated into Jollibee Group's portfolio and financial reports,” the local company said.
The Jollibee Group said JWPL has held a 92% participating interest in Titan Fund since January this year.
JFC said the transfer agreement is valued at S$20.2 million, or around P892 million, which corresponds to the 8% participating interest of other investors in Titan Fund.
Founded in 2009 in Hong Kong, Tim Ho Wan was once called "the most affordable Michelin-starred restaurant in the world," offering barbecue pork buns, steamed rice roll, pan fried turnip cake, and steamed egg cake, among other specialities.
"Tim Ho Wan, with around 80 global store footprint across 11 countries, will be the flagship brand for Jollibee Group's Chinese Cuisine segment," the JFC said.
The Jollibee Group has at least 15 businesses under its portfolio.
In 2023, it posted revenues of over P244 billion, according to its annual report.
JFC shares closed at P275 on Tuesday, Nov. 5, from the previous traded price of P264.20, according to the Philippine Stock Exchange.
