Metro Manila (CNN Philippines, August 11) — Jollibee Foods Corporation (JFC) will soon fully take over Tim Ho Wan with its move to buy out partners in the fund owning the dim sum restaurant chain.
“Its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd. which already owns an 85% participating interest in the fund shall pay 71.56 million (Singaporean dollars) to purchase the remaining 15% interests of other investors in Titan Dining LP,” said the fast food giant in a recent regulatory filing. The transaction is worth about ₱2.65 billion pesos.
Titan is the private equity fund ultimately owning the Tim Ho Wan brand and company-owned stores. THW currently has 53 outlets in Asia, composed mainly of franchised stores primarily in Singapore, Taiwan, the Philippines and Hong Kong.
JFC first invested up to SG$45 million (about ₱1.66 billion) in Titan last May 2018, allowing it a 45% share in the company. Its participating interest in the Singaporean firm rose to 60% in October 2019 as JWPL’s capital commitment climbed to SG$120 million (around ₱4.48 billion).
“JFC aims to build as an important part of its portfolio a significant business serving Chinese cuisine in different parts of the world,” it said. JFC has four other brands serving Chinese cuisine under its roster: Chowking, Yonghe King, Hong Zhuang Yuan and Panda Express.
The announcement comes as the food and restaurant company reported ₱1.12 billion in net income attributable to parent equity holders in the first half of the year, shifting from a ₱11.96 billion loss during the same period in 2020.
On a quarterly basis, JFC saw earnings reach ₱976 million — a contrast from the ₱10.28 billion loss from April to June 2020. Among the drivers of the latest figure was a 64.7% growth in sales during the quarter, with quarantine restrictions less stringent compared to the same timeframe last year.
As of end-June, JFC has over 5,810 outlets across 33 countries, over half of which are in the Philippines.
JFC shares closed at ₱191.60 apiece on Wednesday, 0.47% lower from Tuesday’s finish.
