November 5, 2024 | 6:41pm
MANILA, Philippines — Jollibee Foods Corp. (JFC) will take full ownership of Hong Kong dimsum restaurant Tim Ho Wan, the company announced on Tuesday.
In a disclosure dated November 5, JFC revealed that it signed an agreement with Titan Dining LP (Titan Fund) to acquire 100% ownership of Tim Ho Wan Holdings Pte. Ltd., the brand’s parent company.
Since early 2024, Jollibee Worldwide Pte. Ltd., a subsidiary of JFC, has held a 92% stake in Titan Fund.
The deal, involving the purchase of the remaining 8% stake for SG$ 20.2 million (approximately P892.3 million), will give Jollibee Worldwide Pte. Ltd. complete ownership, consolidating Tim Ho Wan into Jollibee’s expanding portfolio of brands.
With around 80 stores across 11 countries, Tim Ho Wan is recognized for popularizing Hong Kong’s culinary excellence globally.
Founded in 2009 by Chef Mak Kwai Pui and Chef Leung Fai Keung, Tim Ho Wan earned its first Michelin star in 2010 and was once dubbed the most affordable Michelin-starred restaurant in the world.
Tim Ho Wan’s restaurant in Sham Shui Po, Hong Kong, located at 9 Fuk Wing Street, received a Michelin star annually from 2010 to 2021.
In the first half of 2024, JFC’s net income rose by 29% to P5.7 billion.
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