Jollibee gains 100% control of Tim Ho Wan | Inquirer Business

Jollibee gains 100% control of Tim Ho Wan

/ 05:08 AM August 12, 2021

Fast-food giant Jollibee Foods Corp. (JFC) has taken full control of Michelin-star Asian restaurant chain Tim Ho Wan (THW) by buying out the shares held by the remaining minority stockholders.

JFC’s wholly-owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL)—which owns 85 percent of Titan Dining LP—the private equity fund which ultimately owns the THW brand and company-owned THW stores—signed a deal to buy the remaining 15-percent stake held by other investors for 71.56 million Singapore dollars (SGD) or P2.65 billion.


This is part of JFC’s plan to build a global portfolio, a significant portion of which was serving Chinese cuisine in different parts of the world. JFC—already a leading player in Asia—aspires to be among the top five restaurant operators in the world.

THW, deemed as the most affordable Michelin-star restaurant brand, operates 53 outlets in Asia, mostly franchised stores with the largest concentration in Singapore (12) and Taiwan (12). It has seven stores in the Philippines and six in Hong Kong, the territory where it originated.


JFC plans to aggressively expand the brand in mainland China with a target of reaching 100 restaurant outlets within the next four years.

JFC first gained a foothold in THW in May 2018 when it invested through JWPL SGD 45 million (P1.7 billion) in Titan Dining, the master franchisee of THW in the Asia-Pacific region, in exchange for a 45-percent participating interest.

Early on, JFC had said that by investing in the fund, it would have the opportunity to acquire a substantial ownership of THW’s master franchise in the Asia-Pacific region through a purchase mechanism provided for in the investment agreement. To prepare for this, JFC committed to open a franchise operation of THW in Shanghai, China.In October 2019, JFC’s capital commitment to Titan increased to SGD 120 million (P4.45 billion) boosting its interest to 60 percent, while Titan Dining’s fund size increased from SGD 100 million (P3.71 billion) to SGD 200 million (P7.41 billion). Titan Dining also expanded its assets by acquiring at about this time the Tim Ho Wan brand and trademarks.

In October, JFC’s participating interest in the Titan fund further increased to 85 percent after JWPL purchased the 25-percent participating interest of another investor in the fund.JFC, through a joint venture with Titan Dining, opened in September 2020 a THW restaurant in Shanghai, the first THW outlet in mainland China.

The joint venture now has three THW outlets in Shanghai, the latest of which was opened in July this year.

“JFC aims to build as an important part of its portfolio a significant business serving Chinese cuisine in different parts of the world,” the company said in its disclosure to the Philippine Stock Exchange on Wednesday.

Currently, JFC has four brands serving Chinese cuisine aside from THW: Chowking, Yonghe King, Hong Zhuang Yuan and, Panda Express.

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TAGS: jollibee, Tim Ho Wan (THW)
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