International

Filipino fast-food giant Jollibee to fully acquire Hong Kong’s Tim Ho Wan

Jollibee to fully acquire Tim Ho Wan

Jollibee Foods Corporation, the Philippines’ fast-food giant, has reached an agreement to acquire full ownership of Hong Kong-based dim sum chain Tim Ho Wan for S$20.2 million.

In a filing to the Philippine Securities and Exchange Commission on Tuesday (5 Nov), Jollibee confirmed the acquisition of Tim Ho Wan Holdings Pte. Ltd., the company behind the renowned restaurant.

Source: Jollibee on Facebook

The deal involves the purchase of 166,458,461 shares in Tim Ho Wan.

Full ownership and management will be transferred from Titan Fund to Jollibee’s subsidiary, Jollibee Worldwide.

Jollibee to pay S$20.2 million for remaining 8% stake

Since January, Jollibee Worldwide has owned 92% of Titan Fund.

According to the filing, the company will now pay S$20.2 million in cash for the remaining 8% of Titan’s stake in Tim Ho Wan.

Tim Ho Wan earned a Michelin star in 2010 and was once named the most affordable Michelin-starred restaurant in the world.

It currently operates around 80 outlets across 11 countries, including Singapore.

Source: Tim Ho Wan on Facebook

Once the acquisition is complete, it will become the flagship brand for Jollibee Group’s Chinese Cuisine segment.

Jollibee highlighted that Tim Ho Wan is known for showcasing the best of Hong Kong cuisine worldwide, particularly its signature Barbecue Pork Buns.

 

It is also renowned for other popular dishes such as Steamed Rice Rolls with Barbecue Pork, Pan Fried Turnip Cake, and Steamed Egg Cake.

The brand recently launched a new restaurant concept that combines authentic Cantonese cuisine with a modern Hong Kong atmosphere.

The menu goes beyond dim sum to include classic dishes like Barbecue Roast, Seafood Poached Rice, Soy Sauce Chicken, Crispy Noodles with Lobster in Black Bean Sauce, and Sweet and Sour Pork.

Flagship locations can be found at Marina Bay Sands in Singapore and K11 Art Mall in Hong Kong.

Also read: Jollibee Opens Drive-Thru In Jurong Spring, Get Your Fried Chicken To-Go In An Instant

Have news you must share? Get in touch with us via email at news@mustsharenews.com.

Featured image adapted from Jollibee Singapore on Facebook and Tim Ho Wan on Facebook.

Thanawut Fasaisirinan

When faced with boredom, Bank lets the notes of music and the pull of gaming fill the empty hours.

Recent Posts

Elderly man pickpocketed on bus from JB to S’pore, loses S$450 & has S$800 charged to credit card

The thief left the wallet and more than RM200 behind, presumably to mislead the 72-year-old…

23 Dec 2024, 1:38 pm

SingPost fires 3 senior executives citing gross negligence, CEO & CFO to contest termination

Earlier this year, three managers were found to have made manual updates on a customer’s…

23 Dec 2024, 12:14 pm

Passenger on US flight slammed for bringing Great Dane as ’emotional support’ dog

On the other hand, some said they'd prefer sitting next to a massive dog than…

23 Dec 2024, 10:12 am

Nearly 20 cats abandoned in Bedok flat filled with rubbish, some injured after jumping from windows

Some sustained injuries after jumping from windows, while others starved to death.

23 Dec 2024, 9:52 am

Continuous heavy traffic expected at S’pore-JB checkpoints till end of 2024: ICA

A record of more than 553,000 travellers crossed both checkpoints on 13 Dec.

22 Dec 2024, 7:25 pm