MANILA - Jollibee Foods Corp. on Wednesday said its unit will increase its investment in the buyer of the Tim Ho Wan franchise in Asia Pacific.
Jollibee Worldwide Pte. Ltd. will hike its capital investment in Titan Dining LP to 120 million Singaporean dollars (P4.5 billion) from SGD45 million (P1.69 billion), the country's largest restaurant operator said in a disclosure to the stock exchange.
The fund size of Titan, in which Jollibee Worldwide is an investor, will be increased to SGD200 million (P7.5 billion) from SGD100 million (P3.75 billion), the statement said. JFC said its investment would constitute 60 percent of the fund.
"The increase in fund size and additional capital commitment of JWPL are in furtherance of certain strategic projects currently being undertaken by Titan, consistent with its mandate to invest in the food service sector and grow strong Asia Pacific food service brands," JFC said.
Jollibee earlier bought the US-based coffee brand Coffee Bean and Tea Leaf for $350 million. It is also bringing the American-Chinese brand Panda Express in the country, with its first outlet set to open "soon" in SM Megamall.