Jollibee Completes Acquisition of Tim Ho Wan

HOMEGROWN fast-food giant Jollibee Foods Corp. (JFC) on Friday said that it had completed the acquisition of Tim Ho Wan Holdings Pte. Ltd. (TPL), the owner and operator of Chinese food chain Tim Ho Wan.In a disclosure, JFC recounted that it had entered into a share purchase agreement with Titan Dining Group Ltd., a subsidiary of Titan Dining LP (Titan Fund), for the acquisition of more than 166.4 million shares of Tim Ho Wan Holdings by JFC's wholly owned subsidiary, Jollibee Worldwide Pte.

Ltd (JWPL).'This disclosure has been amended to inform the public that the transaction has been completed on January 2, 2025,' the fast-food group led by tycoon Tony Tan Caktiong said.JFC has said that Tim Ho Wan, with about 80 stores across 11 countries, would be its flagship brand for its Chinese cuisine segment.The Chinese food chain is known for its barbeque pork buns and other specialties, such as steamed rice roll stuffed with barbeque pork, pan-fried turnip cake, and steamed egg cake.JWPL has held a 92 percent participating interest in Titan Fund since January 2024 and it paid $20.2 million in cash to buy out the 8.0 percent participating interest held by the other investors in the fund.In 2018, JFC acquired a 45-percent participating stake in Titan Dining, the master franchisee of Tim Ho Wan in the Asia-Pacific region, after it invested $45 million and set up a franchise operation in Shanghai, China.In 2020, JWPL bought out the 25-percent stake of another investor in Titan Fund, raising its stake from 60 percent to 85 percent.Founded in 2009 by chefs Mak Kwai Pui and Leung Fai Keung, Tim Ho Wan earned its first Michelin star at its Sham Shui Po, Hong Kong location, giving the restaurant the bragging rights for being the most affordable Michelin-starred restaurant in the world from 2010 to 2021.JFC shares fell 0.52 percent to P266.60 each on Friday amid a 0.83-percent advance for the benchmark Philippine Stock Exchange index

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