Jollibee Foods Corporation has fully acquired Tim Ho Wan, taking over the remaining 8 percent of the Hong Kong restaurant business for SG$20.2 million (US$15.1 million).
Since January this year, Jollibee has held a 92 percent stake at Titan Fund, the owner and manager of Tim Ho Wan.
In a stock exchange filing, JFC said its subsidiary Jollibee Worldwide signed an agreement with Titan Fund to acquire the remaining minority stake.
Founded in 2009, Tim Ho Wan now has 80 stores across 11 countries. It will be Jollibee’s flagship brand for its Chinese cuisine segment.
Aside from its dimsum, Tim Ho Wan is also known for barbecue pork buns, steamed rice roll stuffed with barbecue pork, pan fried turnip cake, and steamed egg cake.
