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