Jollibee Foods Corporation (JFC), one of Asia’s largest Asian food service companies, and its partners are increasing their investment in Tim Ho Wan by 20 percent to S$250 million ($185.56 million) from S$200 million ($148.46 million).

In a disclosure to the Philippine Stock Exchange, the firm said its wholly owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) announced amendments to the Limited Partnership Agreement for Titan Dining LP, the private equity fund which ultimately owns the Tim Ho Wan brand and company-owned Tim Ho Wan stores.


As part of the amendment, the fund size of Titan will increase from its current S$200 million to S$250 million to fund working capital requirements of Tim Ho Wan as well as facilitate the completion of other projects.

Titan will also have additional investors who will be taking up a 10 percent participating interest in Titan. With the increase in fund size and entry of additional investors, JWPL’s total commitment to the fund shall amount to S$225 million comprising 90 percent of the increased fund size and total commitments.

JFC invested S$45 million in Titan in May 2018 to own a 45 percent participating interest in Titan Dining which was the master franchisee of Tim Ho Wan in the Asia Pacific region.

Jollibee stated at that time that by investing in the fund, it would have the opportunity to acquire a substantial ownership of Tim Ho Wan’s master franchise in the Asia Pacific region through a purchase mechanism provided for in the investment agreement.

Jollibee China President Shirley Chang and Tim Ho Wan General Manager Alex Lau lead the opening of Tim Ho Wan’s first branch in Shanghai’s Changning District.

To prepare for this eventuality, JFC would open a franchise operation of Tim Ho Wan in Shanghai, People’s Republic of China (PRC).

In October 2019, JFC disclosed that JWPL’s capital commitment to Titan increased from S$45 million to S$120 million, its participating interest increased to 60 percent and the fund size of Titan increased from S$100 million to S$200 million.

Titan Dining also expanded its assets by acquiring at about this time the Tim Ho Wan brand and trademarks.

In October 2020, JFC’s participating interest in the Titan fund increased further from 60 percent to 85 percent after JWPL purchased the 25 percent participating interest of another investor in the fund for a total consideration of S$36.3 million.

In August 2021, JFC purchased the remaining 15 percent of other investors in Titan.

JFC through a joint venture with Titan Dining opened a Tim Ho Wan restaurant in Shanghai operates three THW outlets in Shanghai. JFC plans to aggressively expand Tim Ho Wan in Mainland China with a target of reaching 100 restaurant outlets within the next four years.

Tim Ho Wan operates a total of 53 outlets in Asia, mostly franchised stores with the largest concentration in Singapore with 12, Taiwan also with 12, Philippines with seven and Hong Kong with six.

Source: Manila Bulletin (