Jollibee lays out P3.75B to bolster brands
MANILA, Philippines — Homegrown fast-food giant Jollibee Foods Corp. intends to shell out Singapore $90 million, about P3.75 billion, to expand its Asian businesses through Titan Dining II LP or Titan Fund II.
Jollibee on Wednesday said its Singapore-based subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) will have a 90-percent participating interest in Titan Fund II, which will have a total fund size of S$100 million (P4.17 billion).
According to the parent firm, the amount will be used to fund “strategic investments in food and beverage concepts with the objective to further grow Asia-Pacific food service brands and/or bring strong global food service brands” to the region.
The company behind the popular Chickenjoy meals added that Titan Fund II will be managed by Titan Dining Partners II Ltd., which it noted had individuals with “extensive experience” in the food and beverage sector, particularly in the Asia-Pacific region.
READ: Jollibee boosts stake in Tim Ho Wan chain
Earlier this year, Jollibee also invested about P324.41 million to expand Asian restaurant chain Tim Ho Wan through Titan Dining LP, the private equity fund that owns the Tim Ho Wan brand.
JWPL currently has a 92-percent participating interest in Tim Ho Wan.
Jollibee has previously said that it wanted to expand its international business through its coffee and tea units, Coffee Bean and Tea Leaf and Highlands Coffee.
As of February this year, there were at least 789 Highlands Coffee stores in the world, mostly in Vietnam.
The company led by tycoon Tony Tan Caktiong currently has 6,902 stores across the globe, with 3,336 located in the Philippines alone.
This year, Jollibee aims to open up to 750 new company-owned and franchised outlets, with a P20-billion capital spending budget. —MEG J. ADONIS
