Jollibee controls Tim Ho Wan chain
The acquisition underscores JFC’s commitment to diversifying its offerings and expanding its presence in Cantonese cuisine, a key part of its growth strategy.
Daily TribuneThe acquisition underscores JFC’s commitment to diversifying its offerings and expanding its presence in Cantonese cuisine, a key part of its growth strategy.
Homegrown Jollibee Foods Corp. (JFC) is kicking off the year with a major milestone, completing its acquisition of Tim Ho Wan, the renowned Hong Kong-based dim sum chain, within the month.
With this strategic move, JFC further strengthens its position as a global food powerhouse, tapping into the growing demand for high-quality Asian dining experiences worldwide.
In a stock exchange filing on Tuesday, JFC announced that its subsidiary, Jollibee Worldwide Pte. Ltd., has completely acquired 100 percent of Tim Ho Wan Holdings Pte. Ltd., the holding company behind the celebrated brand, from Titan Dining Group Ltd., a subsidiary of Titan Dining LP (Titan Fund).
Share purchase deal
The acquisition, valued at SGD 20.2 million, was finalized through a share purchase agreement for 166,458,461 shares of Tim Ho Wan Holdings Pte. Ltd., giving JFC complete ownership of the dim sum chain.
The acquisition underscores JFC’s commitment to diversifying its offerings and expanding its presence in Cantonese cuisine, a key part of its growth strategy.
Tim Ho Wan, founded in 2009 by chefs Mak Kwai Pui and Leung Fai Keung, gained international fame in 2010 as the world’s most affordable Michelin-starred restaurant.
Today, it operates nearly 80 locations in 11 countries, with its flagship restaurant in Sham Shui Po, Hong Kong, maintaining its Michelin star for more than a decade.