Jollibee to fully own Tim Ho Wan

Homegrown fast-food giant Jollibee Foods Corp. (JFC) is set to gain full ownership of Tim Ho Wan, the dim sum restaurant chain that originated in Hong Kong.

In a disclosure to the Philippine Stock Exchange on Tuesday, JFC said its wholly owned subsidiary, Jollibee Worldwide Pte. Ltd. (JWPL) entered into a share purchase agreement with Titan Dining Group Ltd., a subsidiary of Titan Dining LP (Titan Fund), for the acquisition of 166,458,461 shares of Tim Ho Wan Holdings Pte. Ltd. (TPL), the owner and operator of Tim Ho Wan.

''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.''

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

''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.

JFC, which also secured a majority stake in South Korea's Compose Coffee and Taiwan's Milksha, posted higher net earnings in the first half of 2024, boosted by growth in its Philippine and international operations.

It reported a net income of P5.891 billion in January to June 2024, up 25.5% from P4.694 billion a year earlier.

Revenues totaled P128.52 billion, up 10.9% from P115.879 billion year-on-year. —VBL, GMA Integrated News