KUALA LUMPUR, Nov 7 — Jollibee Foods Corporation, the parent company of Philippine fast-food giant Jollibee, said it has reached a deal to acquire Hong Kong-based dim sum chain Tim Ho Wan for S$20.2 million (RM66 million).
The acquisition agreement, filed with the Philippine Securities and Exchange Commission, involves the transfer of ownership and management of Tim Ho Wan from private equity firm Titan Fund to Jollibee’s subsidiary, Jollibee Worldwide.
Jollibee Worldwide has held a 92 per cent stake in Titan since January, and the S$20.2 million transaction represents the remaining interest held by other investors in Titan, according to the filing.
The completion of the transaction is subject to closing conditions, after which Tim Ho Wan will be integrated into Jollibee's portfolio and financial reports.
Jollibee Foods is already known for operating popular brands like Yoshinoya, Common Man Coffee Roasters, and Tiong Bahru Bakery in the Philippines.
In addition to the Tim Ho Wan acquisition, Jollibee has expanded globally, taking control of South Korea's Compose Coffee in July and acquiring The Coffee Bean & Tea Leaf for US$100 million (RM435 million) in 2019.
