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Jollibee plots Tim Ho Wan expansion in China

(Source: Tim Ho Wan/Facebook)

Philippines food service company, Jollibee Foods Corporation (JFC), has injected additional capital into Titan Dining, which owns dim sum chain Tim Ho Wan, to fund the chain’s expansion in China. 

JFC said in its filings that the fund size of Titan will increase to US$241.8 million from $172.7 million currently and will be used for “the store expansion plans and working capital requirements of Tim Ho Wan as well as facilitate the completion of other projects”.

After the additional investment, JFC’s subsidiary, Jollibee Worldwide, will own 90 per cent of Titan with a commitment to the fund amounting to $217.5 million. 

Tim Ho Wan operates 67 restaurants across six Asian markets, including Hong Kong, Singapore and the Philippines. JFC aims to boost the dim sum chain’s store number in Mainland China from 11 to 100 in the next four years. 

The food service conglomerate invested $31 million in Tim Ho Wan’s master franchisee in the AsiaPacific Titan in 2018 for a 45 per cent interest. At the time, JFC said it would have the opportunity to acquire substantial ownership of Tim Ho Wan’s master franchise in the region. 

JFC’s participating interest in Titan increased to 60 per cent and 85 per cent in 2019 and 2020 respectively before it acquired the remaining 15 per cent last year. 

As of August, JFC’s global store network reached 6323, about half of which were in the Philippines. 

Meanwhile, Titan owns and operates several businesses besides Tim Ho Wan, including Tiong Bahru Bakery and Common Man Coffee Roasters.

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