Jollibee Foods Corporation, one of the largest Asian food service companies, is taking over the ownership and management of the Tim Ho Wan business through wholly owned subsidiary, Jollibee Worldwide Pte. Ltd (JWPL).
In a disclosure to the Philppine Stock Exchange, Jollibee said it has signed an agreement with a subsidiary of Titan Dining LP (Titan Fund) for the transfer of the Tim Ho Wan business from Titan Fund to JWPL.
This will be effected 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 percemnt 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 8 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.
Its Sham Shui Po, Hong Kong restaurant located at 9 Fuk Wing Street has been awarded one Michelin star from 2010 to 2021.
Tim Ho Wan, with around 80 global store footprint across 11 countries, will be the flagship brand for Jollibee Group’s Chinese Cuisine segment.
Recently launched was a global flagship concept featuring elevated taste of Cantonese cuisine with modern Hong Kong vibe.
More to offer beyond dimsum, acclaimed Hong Kong chefs shall offer Hong Kong restaurant mainstays. These stores are located in Marina Bay Sands (Singapore) and K11 Art Mall (Hong Kong).