Jollibee Takes Over Tim Ho Wan Dim Sum Chain from Philippine Tycoon Tony Tan Caktiong.
The Philippine fast-food giant is accelerating expansion plans abroad, and it has agreed to take over Tim Ho Wan’s dim sum chain, controlled by the Millionaire Tony Tan Caktiong Jollibee Foods.
On Wednesday, the company said it acquires its partner Titan Dining LP’s Tim Ho Wan stake of 15 percent for 71.6 million USD (52.7 million USD). Tim Ho Wan operates 53 stores, most of which are franchised, in Asia, concentrated primarily in Singapore, Taiwan, Hong Kong, and the Philippines.
Jollibee has been involved in Tim Ho Wan over the past three years. Initially, in May 2018 it purchased 45% interest for S$45 million, then raised the share to 60% in 2019 and to 85% at the level of the Covid-19 pandemic last year.
Chinese cuisine is an important part of Jollibee, which was founded by ChickenJoy and burgers as quick food restaurant in 1978. Its Chinese casual Chowking restaurant chain operates 607 worldwide stores and its 364 Yonghe King stores.
Jollibee said he plans to expand his presence in China in an aggressive manner, aiming in the next four years to open 100 outlets in China. Currently in Shanghai, there are three Tim Ho Wan stores.
Chinese expansion is part of the global push of Jollibee. In June, Tan Caktiong told shareholders that this is the year’s largest year-to-date expenditure in capital to expand its shops in the Philippines and abroad in the wake of a strong income recovery, to the extent of 12,2 billion pesos (2,242 million dollars).
Founded more than 40 years ago by Tan Caktiong, Jollibee operates now more than 3,200 stores in the Philippins and more than 2,500 in other parts of the world, including the U.S. Smashburger and Coffee Bean chains. According to the World Billionaire List published in April, Tan Caktiong, 68, was ranked the 11th wealthiest person in the Philippines. He is also involved in DoubleDragon Properties with a net worth of $2,4 billion.