Jolibee Foods Corporation (JFC) is buying out its remaining partners in the fund that owns Michelin-starred dimsum restaurant Tim Ho Wan.
JFC’s subsidiary, Jolibee Worldwide, will purchase the remaining 15 per cent owned by other investors in Titan Dining (the private equity fund that owns the Tim Ho Wan brand and stores). This represents S$71.56 million (US$52.7 million) of the shares.
Tim Ho Wan operates 53 stores in Asia, including Singapore, Taiwan, and Hong Kong.
In Singapore, it has 10 outlets, serving popular dim sum delights including its baked BBQ pork buns, shrimp dumplings, and Hong Kong style egg tarts.
JFC had in 2018 invested a S$45 million (US$33.1 million) sum to own a 45 per cent stake in Titan Dining.
It then increased its stake to over 80 per cent after buying out other investors.
The company has plans to aggressively expand Tim Ho Wan in mainland China with a target of reaching 100 restaurant outlets in the next four years.
The Chinese food cuisine brand will join others managed by JFC, like fast-casual dining concept Chowking and Taiwanese food-inspired restaurant chain Yonghe King.
JFC said sales have improved in the United States and are “well above” pre-pandemic levels, but sales in China and Southeast Asia are only just starting to improve. The group posted loses in 2020, as sales were impacted by the pandemic.