Jolibee Foods Corporation (JFC) buys its remaining partners from the owner of the Michelin-starred dimsum restaurant Tim Ho Wan.
JFC’s subsidiary, Jolibee Worldwide, will acquire the remaining 15% owned by other investors in Titan Dining (the private equity fund that owns the brand and stores Tim Ho Wan). This represents $ 71.56 million (US $ 52.7 million) of shares.
Tim Ho Wan operates 53 stores in Asia, including Singapore, Taiwan and Hong Kong.
In Singapore, it has 10 outlets, serving popular dim sum delicacies, including its baked barbecue pork cakes, prawn balls and Hong Kong-style egg cakes.
JFC had invested in 2018 a sum of 45 million dollars (33.1 million US dollars) to own a 45% stake in Titan Dining.
He then increased his stake to more than 80% after buying other investors.
The company plans to aggressively expand Tim Ho Wan in mainland China with the goal of reaching 100 catering establishments in the next four years.
The Chinese food cuisine brand will join others run by JFC, such as the Chowking casual fast food restaurant and the Taiwanese food-inspired restaurant chain Yonghe King.
JFC said sales have improved in the U.S. and are “well above” pre-pandemic levels, but sales in China and Southeast Asia are just beginning to improve. The group recorded losses in 2020, as the pandemic affected sales.
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Featured Image Credit: Daniel Food Diary
