Philippine fast-food giant Jollibee has increased its stake in the Michelin-starred dim sum restaurant ,Tim Ho Wan, from 60 per cent to 85 per cent.
Subsidiary Jollibee Worldwide has purchased a 25-per-cent interest in Aragon Investments, the private equity fund and ultimate holding entity of the restaurant.
The deal is worth US$26.8 million and will be finalised by October 30. Jollibee invested $33.2 million in Titan Dining in 2018, which paved way for the fast food giant to acquire a “substantial ownership” in Tim Ho Wan, according to Rappler.
The deal led to the expansion of the brand in other Asian markets including Cambodia, Indonesia, Japan, Macau, Taiwan, Thailand, Vietnam, Australia and the Philippines.
In October last year, Jollibee increased its investment to $88.5 million and it opened the first Tim Ho Wan restaurant in China last month.