6-11-2024 (MANILA) Filipino food giant Jollibee Foods Corporation (JFC) has announced its acquisition of renowned Hong Kong dim sum chain Tim Ho Wan in a deal worth S$20.2 million, marking another significant expansion in its growing international portfolio.
The transaction, revealed in a regulatory filing with the Philippine Securities and Exchange Commission on Tuesday, will see ownership transfer from Titan Fund to Jollibee Worldwide, a subsidiary of the Filipino conglomerate. The cash purchase represents the remaining 8 per cent stake in Tim Ho Wan, as Jollibee has held a controlling 92 per cent interest in Titan Fund since January.
This latest acquisition adds to JFC’s impressive collection of international food brands, which has seen remarkable growth in recent years. The group, primarily known for its successful fried chicken restaurant chain, has been actively expanding its global presence through strategic acquisitions.
The company’s ambitious expansion strategy was previously demonstrated by its purchase of South Korea’s Compose Coffee chain in July, which brought more than 2,700 outlets under its umbrella. This followed JFC’s substantial US$100 million investment in The Coffee Bean & Tea Leaf in 2019.
