In a disclosure to the stock exchange on Wednesday, the food service company said Jollibee Worldwide Pte. Ltd. is committing additional capital to Titan Dining LP, which is increasing its fund size to S$350 million from S$250 million.
At present, JFC’s joint venture with Titan has 11 restaurants in the People’s Republic of China, offering “delicious authentic Hong Kong dim sum at a great value for money.” At that time, JFC said that by investing in the fund, it would have the opportunity to acquire substantial ownership of Tim Ho Wan’s master franchise via a purchase mechanism in the investment agreement.
In October 2020, JFC’s participating interest in Titan increased to 85% after JWPL bought the 25% participating interest of another investor for S$36.3 million. JFC acquired in August 2021 the remaining 15% of other investors in Titan. It said Tim Ho Wan operates 67 outlets in Asia, which are mostly franchised stores, including seven in the Philippines.
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