MANILA - Jollibee Foods Corp (JFC) said Tuesday its wholly-owned subsidiary would increase its investment in the holding entity of Tim Ho Wan.
Its unit Jollibee Worldwide Pte Ltd would purchase the 25 percent participating interest of Aragon Investments SPC in Titan Dining LP, the holding entity of Tim Ho Wan brand, JFC told the stock exchange.
The transaction worth SGD 36.6 million (P1.3 billion) will increase JFC's participating interest in the brand to 85 percent from 60 percent, one of Asia's fastest growing restaurant operators said.
The deal will be completed on Oct. 30.
JFC last year formed a joint venture to "expand and operate" the Michelin-starred Tim Ho Wan brand in China known for its barbecue pork buns as it took another step at expanding its global footprint.
JFC said it has several brands serving Chinese cuisine namely Chowking, Yonghe King, Hong Zhuang Yuan, PRC, Panda Express and Tim Ho Wan.
"JFC aims to build as an important part of its portfolio a significant business serving Chinese cuisine in different parts of the world," it said.
The country's biggest food service network has 3,247 outlets in the Philippines and 2,566 stores abroad as of Sept. 30, 2020.