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Manila Bulletin devider Business devider The Stock Market devider Jollibee investing S$90 M more in its Asian brands

Jollibee investing S$90 M more in its Asian brands

Published Apr 3, 2024 08:13 am

Jollibee Foods Corporation (JFC), one of the largest Asian food service companies, reported that its wholly owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) is investing an additional S$90 million ($66.56 million) for its Asian businesses through Titan Dining II LP (Titan Fund II).

In a disclosure to the Philippine Stock Exchange (PSE), JWPL has announced its participation and capital call commitment to Titan Fund II which will have a fund size of S$100 million.

The fresh capital 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 Asia Pacific.

JWPL will have 90 percent participating interest in Titan Fund II, with a capital commitment of S$90 million. Titan Fund II will be managed by Titan Dining Partners II Ltd., consisting of individuals with extensive experience in the food and beverage sector in the Asia Pacific Region.

Earlier this year, JWPL also boosted by S$100 million its investment in Titan Dining LP, the private equity fund which owns the Tim Ho Wan brand and company-owned Tim Ho Wan stores.

Titan also operates Tiong Bahru Bakery (TBB) and Common Man Coffee Roasters (CMCR).

The fund size of Titan will increase from its current S$350 million to S$450 million, to fund the store expansion plans and working capital requirements of Tim Ho Wan and the completion of other projects.

JFC is one of the largest Asian food service companies with 18 brands in 33 countries. At the end of Feb. 29, 2024, JFC’s store network increased by 6.1 percent compared to a year ago.

JFC operated 6,902 stores worldwide: Philippines (3,336) and International (3,566): 557 in China, 388 in North America, 344 in EMEA, 789 with Highlands Coffee mainly in Vietnam, 1,172 with Coffee Bean and Tea Leaf (CBTL) and 316 with Milksha. Its largest brands by store outlets worldwide are Jollibee with 1,671, CBTL 1,172, Highlands Coffee 789, Chowking 617, and Mang Inasal 573.

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