Manila, Philippines – Jollibee Foods Corporation has recently disclosed that it has signed an agreement with a subsidiary of Titan Dining LP (Titan Fund) for the transfer of ownership and management of the Tim Ho Wan business from Titan Fund to Jollibee Group’s wholly owned subsidiary, Jollibee Worldwide Pte. Ltd (JWPL).
This will be effected through the transfer of ownership of 100% of Tim Ho Wan Holdings Pte. Ltd. (TPL), the holding company of the Tim Ho Wan business, from a subsidiary of Titan Fund, to JWPL. Completion of this transaction is subject to closing conditions. After which, TPL shall be consolidated into Jollibee Group’s portfolio and financial reports.
Tim Ho Wan, with around 80 global store footprint across 11 countries, will be the flagship brand for Jollibee Group’s Chinese Cuisine segment. This brand is known for bringing the best of Hong Kong to the world through its world-renowned dishes Barbecue Pork Buns and other specialties such as the Steamed Rice Roll stuffed with Barbecue Pork, Pan Fried Turnip Cake and Steamed Egg Cake.
JWPL has held a 92% participating interest in Titan Fund since January 2024. Accordingly, its cash payment for the transaction shall only be the amount of SGD20.2m, corresponding to the 8% participating interest held by the other investors in Titan Fund.
