A unit of homegrown food service company Jollibee Foods Corporation has increased its investment in Titan Dining LP, the private equity fund owning the Tim Ho Wan brand and company-owned Tim Ho Wan stores.
In a disclosure to the stock exchange on Wednesday, JFC said the additional investment of Jollibee Worldwide Pte. Ltd. in Titan will "fund the store expansion plans and working capital requirements of Tim Ho Wan as well as facilitate the completion of other projects."
The fund size of Titan will increase from its current SGD250 million to SGD350 million.
According to JFC, JWPL has a 90 percent participating interest in Titan. Its total commitment to the fund will be S$315 million.
From 2018 to 2021, JWPL raised its investments to own 100 percent participating interest in Titan.
In November 2021, it entered into an amended Limited Partnership with Titan, where additional investors also joined with a 10 percent participating interest in Titan.
Tim Ho Wan operates a total of 67 outlets in Asia, mostly franchised stores with the largest concentration in China.
JFC's joint venture with Titan now has 11 restaurants in the PRC, mostly in Shanghai. The company plans to aggressively expand Tim Ho Wan in mainland China with a target of reaching 100 restaurant outlets within the next four years.