SINGAPORE: The dad or mum firm of Philippine quick meals operator Jollibee introduced on Tuesday (Nov 5) that it has reached an settlement to accumulate Hong Kong dim sum chain Tim Ho Wan for S$20.2 million (S$15 .3 million {dollars}).
In a submitting to the Philippine Securities and Exchange Commission, Jollibee Foods Corporation stated it has signed an settlement to switch the possession and administration of Tim Ho Wan from Titan Fund to a subsidiary, Jollibee Worldwide.
Titan, a personal fairness fund, owns and operates the Singapore operations of Common Man Coffee Roasters and Tiong Bahru Bakery, together with non-food and beverage manufacturers together with grooming salons Strip and Browhaus.
According to the submitting, Jollibee Worldwide has held a 92% stake in Titan since January.
Jollibee Foods stated it’s going to pay the transaction of S$20.2 million in money, including that the quantity corresponds to the 8% stake held by Titan’s different buyers.
It stated completion of the transaction was topic to closing circumstances. Tim Ho Wan will then be consolidated into Jollibee Food’s portfolio and monetary reporting.
Best identified for its fried hen shops, Jollibee Foods additionally owns and operates Yoshinoya, Common Man Coffee Roasters and Tiong Bahru Bakery shops within the Philippines.
In July it took management of South Korean firm Compose Coffee, which has greater than 2,700 shops in its house nation.
In 2019 it additionally invested $100 million to accumulate the American espresso chain The Coffee Bean & Tea Leaf.
