Jollibee To Buy Over Tim Ho Wan By Purchasing Leftover Interests
Fast food giants Jollibee have quickly become a favourite among locals in Singapore since they opened their first outlet here in 2013.
Their famous fried chicken offerings have captured the local tastebuds so much so that they have 11 stores scattered across the country.
Now, Jollibee Foods Corp (JFC) is setting their sights on the dim sum world with the acquisition of Hong Kong’s Tim Ho Wan.
Jollibee’s wholly-owned subsidiary, Jollibee Worldwide Pte. Ltd, is reportedly looking to fully purchase the remaining 15% interest in the fund owning the dim sum restaurant chain.
The amount is said to be around S$71.56 million.
Tim Ho Wan has 53 outlets in Asia
According to CNN Philippines, Jollibee Worldwide Pte. Ltd. already owns 85% participating interest in the fund and are looking to buy out the remaining percentage.
The fund in question, Titan Dining LP, is the private equity fund that owns the dim sum brand and company-owned stores.
The dim sum restaurant chain currently has 53 outlets in Asia, across Singapore, Taiwan, the Philippines, and Hong Kong.
Plans to aggressively expand into China
After opening a Tim Ho Wan restaurant in Shanghai in Sep 2020, JFC has stated their intentions to “aggressively expand” into Mainland China, reports ABS-CBN News.
As it stands, they are planning to open at least 100 outlets there within the next 4 years.
JFC already has a roster of brands serving Chinese cuisine, namely:
- Chowking
- Yonghe King
- Hong Zhuang Yuan
- Panda Express
Hopes for a Chickenjoy dumpling
This takeover seemed to come out of the left field. After all, who would’ve thought that the brand with the bee mascot would look to take over a storied dim sum brand?
However, it does sound like an exciting prospect and we’re sure that the stakeholders are paid handsomely for their shares.
While it’s probably unlikely that we’ll see a crossover anytime soon, one can still hope for a Chickenjoy dumpling coming to a Tim Ho Wan near you.
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Featured image adapted from scion_cho and Choo Yut Shing on Flickr.
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