Jollibee adds Tim Ho Wan to its stable of growing dining rooms
Asia?s largest fastfood giant JOllibee Foods Corp. is investing up to P1.74 billion or 45 million Singapore dollars in Titan Dining LP, the Asia Pacific master franchise holder of the Tim Ho Wan brand.
JFC chairman Tony Tan Caktiong said the investment gives JFC the opportunity to acquire a significant interest in Tim Ho Wan?s master franchise in the Asia Pacific region when the term of the fund (Titan) ends in seven years.
” Our long-term interest in Tim Ho Wan is in line with JFC?s mission to serve great tasting food and spread the joy of eating to everyone,? he said.
With its investment, JFC will operate as a franchisee of Tim Ho Wan in Shanghai, People?s Republic of China.
The Michelin-star dimsum restaurant chain, which originated in Hong Kong in 2009, was recently rated by CNN as offering the Best Value among Hong Kong?s best dim sum restaurants. It has franchises in Cambodia, Indonesia, Japan, Macau, Taiwan, Thailand, Vietnam, Australia and the Philippines.
Titan may eventually add other brands in the food service sector to its portfolio with the objective to grow strong Asia Pacific food serviced brands across multiple geographies and markets and to bring strong global food service brands to Asia Pacific.
JFC already has three brands serving Chinese cuisine: Chowking, a Chinese fast casual concept with presence mostly in the Philippines and JFC?s second largest brand in terms of systemwide sales (577 stores worldwide); Yonghe King, a Taiwanese food-inspired restaurant chain in China that is famous for its freshly prepared soya milk (310 stores) and Hong Zhuang, a full service restaurant chain in Beijing, PRC with cuisine centered on congee (44 stores.
The three brands combined account for 23 percent of JFC?s systemwide sales in 2017.
JFC operates the largest food service network in the Philippines with 2,895 as of the end of March this year. Overseas, it had 943 stores operating, bringing worldwide store network to 3,838.