MANILA, Philippines – Philippine food conglomerate Jollibee Foods Corporation (JFC) has signed a deal that transfers the ownership and management of well-known Chinese restaurant Tim Ho Wan to Jollibee Group’s subsidiary, Jollibee Worldwide Pte. Ltd. (JWPL).

In a disclosure titled “Tim Ho Wan Ownership and Management to Transfer to JFC Metro Manila” on Tuesday, November 5, publicly listed JFC said JWPL will completely take over Tim Ho Wan after paying 20 million Singapore dollars — around P885 million — equivalent to 8% interest held by investors in Titan Fund.

“This will be effected through the transfer of ownership of 100% of Tim Ho Wan Holdings Pte. Ltd. (TPL), the holding company of the Tim Ho Wan business, from a subsidiary of Titan Fund, to JWPL,” JFC said.  

JWPL has had a 92% interest in Titan Fund since January 2024. 

“Tim Ho Wan, with around 80 global store footprint across 11 countries, will be the flagship brand for Jollibee Group’s Chinese Cuisine segment,” JFC told the bourse. 

Other food brands in JFC’s Chinese food segment are Chow King, Yonghe King, and Hong Zhuang Yuan. 

Outside of Singapore and Hong Kong where Tim Ho Wan needs no introduction, it also has restaurants in China, Japan, Korea, US, Vietnam, Taiwan, Malaysia, Indonesia, Australia, Thailand, and Macau.

There are at least 11 Tim Ho Wan restaurants in the Philippines, 10 in upscale commercial areas in Metro Manila and 1 in SM Seaside Cebu.

Tim Ho Wan now has 19 stores in mainland China, which JFC said was the focus of its “bold international expansion campaign.” 

When Tim Ho Wan Wuxi opened in Wuxi City in Juangsu province in April 2023, it broke the restaurant chain’s average opening-day sales record. 

“Overall, 2023 was a year filled with business opportunities in China with Tim Ho Wan performing well and delivering multiple achievements. This 2024, we are optimistic and geared up to continue achieving new milestones and further boosting our presence in the country,” Jollibee Group President and CEO Ernesto Tanmantiong said last July.

Tim Ho Wan was founded in Hong Kong in 2009 by Chef Mak Kwai Pui and Chef Leung Fai Keung. It became known for bringing the best of Hong Kong food to the world with dishes such as Barbecue Pork Buns, Steamed Rice Roll stuffed with Barbecue Pork, Pan Fried Turnip Cake, and Steamed Egg Cake. 

It set up its first international restaurant in 2013 in Plaza Singapura Singapore. It became the top dim sum restaurant in the city-state due to its Michelin stars and affordability, and grew to over 80 restaurants worldwide. 

JFC has 18 food and beverage brands, including Mang Inasal, Red Ribbon, Greenwich, Burger King, Yoshinoya, Panda Express, Tiong Bahru Bakery, Coffee Bean Tea Leaf, Smash Burger, Common Man Coffee Roasters, and Milksha.

The company, incorporated in 1978 by Filipino tycoon Tony Tan Caktiong, operates in 34 countries and territories and had 6,805 stores worldwide as of November 2023, led by Jollibee, known for its Chicken Joy. – Rappler.com