Tag: Tim Ho Wan

Singapore – Jollibee Foods Corporation (JFC), through its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd., (JWPL) has announced an increase in stake with private equity fund Titan Dining LP which owns the Tim Ho Wan brand and company-owned stores.

In a recent stock filing by the corporation, JFC said that its fund size of Titan will increase from its current S$350m to S$450m in order to fund the store expansion plans and working capital requirements of Tim Ho Wan and the completion of other projects by the equity fund.

Moreover, JWPL’s participating interest in Titan will also increase from 90% to 92% through purchase of 2% participating interest of another limited partner in the fund for a total consideration of S$7.7m. 

With the increase in fund size, JWPL’s total commitment to the fund shall amount to S$414m.

It is worth noting that JWPL has invested S$45m with Titan since 2018 to own a 45% participating interest in Titan. It then increased its capital commitment to S$120m and its fund size increasing from S$100m to S$200m in 2019.

JFC has also a joint venture with Titan for the operation of Tim Ho Wan in China, as well as the operations of Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines through Titan’s Food Collective, Pte. Ltd. (FCPL) subsidiary.

Hong Kong – Jollibee Group, the company behind Philippine-grown restaurant brands Jollibee, Chowking, and Greenwich has opened Mainland China’s first-ever Tim Ho Wan in Shanghai.

In November 2019, the joint venture between Jollibee Foods Corporation (JFC) and Tim Ho Wan’s operator Dim Sum Pte. Ltd was formed.

The restaurant has been Michelin-starred and is often dubbed as the cheapest one within such distinction. Its popular dishes include the signature baked BBQ pork buns, rice rolls, pork & shrimp dumplings, and the pan-fried radish cake.

It will be located in integrated development Jing An Kerry Centre in Shanghai’s Jing’an District.

Jollibee Group CEO Ernesto Tanmantiong revealed that the group intends to open 100 restaurants in the country in the next 5 years.

“Opening in Shanghai, one of the busiest global hubs, is an excellent starting point for our expansion plans for Tim Ho Wan in Mainland China,” commented Tanmantiong.

He also said, “The core of Tim Ho Wan is to serve delicious authentic Hong Kong dim sum to more people at a good value for money, and this is why we believe that Tim Ho Wan is a great addition to the Jollibee Group’s portfolio.”

According to the group, its initial opening has been met with a large flock of customers.

Jollibee Foods Corporation China Chairman Carl Tancaktiong said, “Given the response we are seeing, we are planning to open the second store by the end of this year. Aside from Shanghai, we will also open in Beijing, Shenzhen, and Guangzhou.”

Jollibee Group’s portfolio of restaurants span operations in 35 countries including United States, Canada, Singapore, and United Arab Emirates.