HOMEGROWN fast-food giant Jollibee Foods Corp. (JFC) said Tuesday that it would be fully taking over ownership and management of Tim Ho Wan Holdings Pte. Ltd. (TPL), said to be the most affordable Michelin-starred restaurant chain in the world.JFC said that it had signed the transfer of ownership and management of TPL from Titan Dining LP (Titan Fund) to a Jollibee Group subsidiary, Jollibee Worldwide Pte. Ltd. (JWPL). Tim Ho Wan will be JFC's flagship brand for its Chinese cuisine segment, with around 80 global stores worldwide across 11 countries.Tim Ho Wan is known for its barbeque pork buns and other specialties such as steamed rice roll stuffed with barbeque pork, pan-fried turnip cake, and steamed egg cake.JFC and its private equity fund subsidiary, Titan Fund — which currently holds 100 percent ownership of TPL, the holding company of Tim Ho Wan business — signed the deal to transfer ownership and management of TPL so that it can be consolidated into the Jollibee group's portfolio and financial reports.JWPL has had a 92-percent participating interest in Titan Fund since January 2024.'Accordingly, its cash payment for the transaction shall only be in the amount of S$20.2 million, corresponding to the 8 percent participating interest held by the other investors in Titan Fund,' a disclosure on Tuesday stated.In 2018, JFC acquired a 45-percent participating stake in Titan Dining, the master franchisee of Tim Ho Wan in the Asia-Pacific region, after investing S$45 million, and set up a franchise operation in Shanghai, China.It then raised its stake in the fund from 60 percent to 85 percent in 2020 following JWPL's buyout of the 25-percent participating interest of another investor in the fund.Founded in 2009 by chefs Mak Kwai Pui and Leung Fai Keung, Tim Ho Wan earned its first Michelin star at its Sham Shui Po, Hong Kong location and was once called as the most affordable Michelin-starred restaurant in the world from 2010 to 2021.It recently launched its global flagship concept of elevated Cantonese cuisine with a modern Hong Kong vibe at the Marina Bay Sands in Singapore and the K11 Art Mall in Hong Kong.The Cantonese cuisine launched by Tim Ho Wan now includes barbecue roast and wok dishes like barbeque pork, seafood poached rice, soy sauce chicken, crispy noodles with lobster in black bean sauce, and sweet and sour pork.On Tuesday, JFC shares soared 4.09 percent, or P10.80, to close at P275 each.
