Tony Tan Caktiong's Jollibee Foods Corporation buys-out remaining shareholders, taking ownership of Asian restaurant chain, Tim Ho Wan
Big news in the dining industry today as Philippine home-grown powerhouse Jollibee Foods Corporation officially takes full ownership of Tim Ho Wan.
Founded and helmed by tycoon Tony Tan Caktiong, Jollibee started from humble roots as an ice-cream parlour and swiftly grew into the Philippines' most famous fried chicken joint, and an international fast-food conglomerate with over 6000 locations worldwide.
In 2018 Jollibee bought into the Tim Ho Wan parent company, Titan Dining, investing $33.1 million dollars for a 45 per cent stake in the group, in later years increasing their stronghold to 80 per cent ownership.
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In a statement to the Philippine Stock Exchange it was revealed that JFC’s private equity fund Jollibee Worldwide Pte. Ltd bought out the remaining stakeholders of Titan Dining LP for 71.56 million Singapore dollars (SGD) or PHP2.65 billion.
Jollibee has undertaken a competitive, bold and dynamic expansion in international F&B waters, with more than 270 international branches in the United States, Canada, Hong Kong, Macau, Brunei, Vietnam, Singapore, Malaysia, Saudi Arabia, United Arab Emirates, Qatar, Oman, Kuwait, Bahrain, Italy, and in the United Kingdom. Now, Tim Ho Wan's 53 stores in Asia, more concentrated in Singapore, Taiwan, the Philippines, and Hong Kong, will join the brand's registered outlets.
JFC announced to the Philippine Stock Exchange that they have plans to further strengthen their global portfolio. In fact, the company’s subsidiaries include: Chowking, Greenwich, Mang Inasal, Red Ribbon, Burger King, and Dunkin Donuts amongst others. To date, JFC is one of the largest players in Asia and is “among the top five restaurant operators in the world.”