Jollibee Foods Corporation (JFC), the Philippines’ largest food service company, is set to take complete control of the Michelin-starred restaurant chain Tim Ho Wan. Currently holding a 92% stake, JFC’s subsidiary will acquire the remaining 8% from other investors for SGD 20.2 million, according to an ABS-CBN report, which cites the recent stock exchange disclosure.
Following the acquisition, JFC will transfer full ownership and management of Tim Ho Wan from Titan Fund to its own subsidiary, Jollibee Worldwide Pte. Once finalized, Tim Ho Wan Holdings will become part of Jollibee Group’s consolidated portfolio and financial statements.
Known for its iconic Barbecue Pork Buns and other Hong Kong-style dishes, Tim Ho Wan, with approximately 80 locations across 11 countries, will now serve as the flagship for Jollibee’s Chinese cuisine segment.
Jollibee has been actively expanding internationally, recently adding Korea’s Compose Coffee and Japan’s Milksha to its roster, alongside ventures to bring Common Man Coffee Roasters and Tiong Bahru Bakery to the Philippines. The company’s global brand value surged by 51% to $2.3 billion, marking Jollibee as the only Philippine brand in the Top 10 Strongest Restaurant Brands for 2024.
In the first half of 2024, JFC reported a 29% increase in net income, reaching PHP 5.7 billion, reflecting the company’s steady growth and expansion strategy.
