Philippine F&B group Jollibee Foods Corporation is set to acquire an additional stake in Tim Ho Wan to wholly own the Hong Kong-based Michelin-starred restaurant chain, it said in an announcement.
Jollibee currently owns a 92% participating interest in Titan Fund, the parent entity holding Tim Ho Wan. Jollibee said it will acquire the 8% stake held by the other investors in Titan Fund for S$20.2 million ($15.2 million) and transfer the full ownership of Tim Ho Wan to its wholly-owned subsidiary, Jollibee Worldwide Pte Ltd.
Founded in 2009, Tim Ho Wan has around 80 global store footprint across 11 countries, Jollibee said, adding that Tim Ho Wan will be the flagship brand for its Chinese cuisine segment.
In July this year, Jollibee said it will acquire 70% of South Korea’s Compose Coffee for $238 million. Titan Fund will also have 5% of the overseas coffee chain. Earlier in 2019, the Filipino company also acquired American coffee chain The Coffee Bean & Tea Leaf. It had also acquired Highlands Coffee, the biggest coffee chain in Vietnam in terms of outlet count.
Jollibee reported a 10.6% year-on-year increase in revenue in Q2 2024 to reach 67.2 billion pesos ($1.15 billion), with operating income of 5.1 billion pesos, which improved 26.8% compared to Q2 2023.
By the end of Q2 2024, the group operated nearly 7,000 stores worldwide, including 3,348 stores in the Philippines and more than 3,600 international locations.
