INQUIRER FILES
Homegrown fast-food giant Jollibee Foods Corp. takes full ownership of Michelin-starred restaurant chain Tim Ho Wan (THW) as the company led by tycoon Tony Tan Caktiong intensifies its presence in the Chinese cuisine segment.
In a stock exchange filing on Tuesday, JFC said its fully owned subsidiary, Jollibee Worldwide Pte. Ltd. (JWPL), had signed an agreement with a subsidiary of Titan Dining LP (Titan Fund) to buy out the latter’s minority shareholders for around P892.3 million (20.2 million Singapore dollars, or SGD).
JWPL has held a 92-percent stake in Titan Fund, the private equity fund that owns the THW brand and company-owned THW stores, since January this year.
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The transaction involves the remaining 8-percent stake held by other investors, according to JFC.
The maker of the popular Chickenjoy meals first invested in Titan Fund in May 2018 for 45 million SGD, equivalent to a 45-percent participating interest.
JFC eventually infused more investments throughout the years before acquiring full ownership in August 2021.
In November that year, additional investors entered Titan Fund with 10 percent ownership, thus diluting JFC’s stake to 90 percent.
By January this year, the group reacquired a 2-percent interest for 7.7 million SGD.
In total, JFC has invested around P18.3 billion (434.2 million SGD) in Titan Fund.
Founded in Mongkok, Hong Kong in 2009 by Chef Mak Kwai Pui and Chef Leung Fai Keung, THW currently has around 80 stores across 11 countries, including the Philippines.
JFC aims to gradually increase THW’s store network to 100 across Asia and become the group’s flagship brand for the Chinese cuisine segment.