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Manila Bulletin devider Business devider The Stock Market devider Jollibee sees P810-million windfall from Tim Ho Wan revaluation

Jollibee sees P810-million windfall from Tim Ho Wan revaluation

Published Nov 20, 2024 05:14 am

Jollibee Foods Corporation, one of the largest Asian food service companies, has booked an P810 million windfall through 92 percent-owned Titan Dining LP in the form of a revaluation gain from selling its stake in Tim Ho Wan to the parent company.

During the firm’s briefing with stock analysts, Jollibee Chief Finance Officer Richard Shin mentioned the revaluation gain and Abacus Securities Corporation said it was able to confirm that the amount is about P810 million.

The stock brokerage said this substantial gain has already been included in the firm’s earnings performance for the first nine months of the year.

In a separate briefing with media, Shin said they expect to complete the transfer of ownership of Tim Ho Wan from Titan Dining LP by January noting that “what we're doing from now until January is all the legal matters that needs to be done."

He said that the company expects to improve its numbers with the acquisition of the Tim Ho Wan business, particularly on the return on invested capital adding that, “this brand, for us, represents the lead brand in our fourth pillar, and that's the Chinese cuisine.”

Two weeks ago, Jollibee reported that it is taking over the ownership and management of the Tim Ho Wan business through wholly owned subsidiary, Jollibee Worldwide Pte. Ltd (JWPL).

This will be executed through the transfer of ownership of 100 percent of Tim Ho Wan Holdings Pte. Ltd. (TPL), the holding company of the Tim Ho Wan business, from a subsidiary of Titan Fund, to JWPL.

After this, TPL shall be consolidated into Jollibee Group’s portfolio and financial reports. JWPL has held a 92 percent participating interest in Titan Fund since January 2024.

Accordingly, its cash payment for the transaction shall only be the amount of SGD20.2 million, corresponding to the eight percent participating interest held by the other investors in Titan Fund.

Tim Ho Wan was founded in 2009 by Chef Mak Kwai Pui, alongside Chef Leung Fai Keung. Back in 2010, Tim Ho Wan earned its own one Michelin star and was once called the most affordable Michelin-starred restaurant in the world.

Tim Ho Wan, with around 80 global store footprint across 11 countries, will be the flagship brand for Jollibee Group’s Chinese Cuisine segment.

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Richard Shin tim ho wan Jollibee Foods Corporation
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