Jollibee Foods Corporation (JFC) will boost its investment with popular Chinese dim sum restaurant chain Tim Ho Wan.
In a disclosure to the Philippine Stock Exchange, JFC doubled its fund size for Titan Dining LP, where Jollibee is an investor, from SG$100 million to SG$200 million.
JFC will also hike its capital investment from SG$45 million (about P1.69 billion) to SG$120 million (P4.5 billion), constituting 60 percent of the fund.
Titan Dining LP is a private equity fund that carried out JFC’s acquisition of 100 percent of the Asia Pacific master franchise of the Tim Ho Wan brand.
“The increase in fund size and additional capital commitment of Jollibee Worldwide Pte Ltd. are in furtherance of certain strategic projects currently being undertaken by Titan, consistent with its mandate to invest in the food service sector and grow strong Asia Pacific food service brands,” the company said.
The agreement will provide JFC the opportunity to acquire a substantial ownership in Tim Ho Wan’s master franchise in the Asia Pacific region when the term of the fund ends in seven years, through a purchase mechanism that is provided for in the agreement with Titan Dining LP.
Tim Ho Wan is a Michelin-star dim sum restaurant chain which originated in Hong Kong in 2009. It has been dubbed the world’s most affordable Michelin-star restaurant.
JFC has three other brands serving Chinese cuisine: Chowking and China-based restaurants Yonghe King and Hong Zhuang Yuan.
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