JFC raises capital commitment to increase Tim Ho Wan operator Titan's fund size

ABS-CBN News

Posted at Sep 28 2022 12:52 PM | Updated as of Sep 28 2022 01:19 PM

MANILA - Jollibee Foods Corp on Wednesday said its subsidiary Jollibee Worldwide Pte Ltd would increase its capital commitment to Titan Dining LP, the private equity fund that owns Tim Ho Wan.

Titan's fund size will increase to S$350 million from the current S$250 million "to fund store expansion plans and working capital requirements of Tim Ho Wan as well as facilitate the completion of other projects," JFC said told the stock exchange.

JWPL from 2018 to 2021 raised its investments to own 100 percent participating interest in Titan. In November 2021, it entered into an amended Limited Partnership with Titan where additional investors also joined with a 10 percent participating interest in Titan, JFC said. 

JWPL has a 90 percent participating interest in Titan. JWPTL's total commitment to the fund will be S$315,000,000, it added.

JFC said its joint venture with Titan now has 11 restaurants in China. It plans to aggressively expand Tim Ho Wan on the mainland by reaching 100 outlets in the next 4 years.

The homegrown restaurant operator said it plans to expand its Chinese cuisine offering under its portfolio. 

JFC has 5 brands serving Chinese cuisine, namely Chowking, Yonghe King, Hong Zhuang Yuan, Panda Express and Tim Ho Wan.

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