Jollibee Foods Corporation, the parent company of fast-food chain Jollibee, will fully own Hong Kong’s Michelin-starred dim sum restaurant Tim Ho Wan by acquiring the remaining 8% stake in the firm for US$15.3m.
Founded in 2009 by chef Mak Kwai Pui and Leung Fai Keung, Tim Ho Wan earned its own Michelin star in 2010 and was known as one of the most affordable Michelin-starred restaurants in the world. Its Sham Shui Po, Hong Kong restaurant has been awarded one Michelin star from 2010 to 2021.
According to its official statement on the Philippine Securities and Exchange Commission, Jollibee Group has signed an agreement with a subsidiary of Titan Dining LP (Titan Fund) for the transfer of ownership and management of the Tim Ho Wan business from Titan Fund to Jollibee Group’s wholly owned subsidiary, Jollibee Worldwide.
This will be affected through the transfer of ownership of 100% of Tim Ho Wan Holdings, the holding company of the Tim Ho Wan business, from a subsidiary of Titan Fund, to Jollibee Worldwide.
Jollibee Worldwide has held a 92% participating interest in Titan Fund since January 2024, and it would pay the S$20.2 million (US$15.3m) transaction in cash to acquire the remaining 8% stake held by Titan’s other investors., taking full charge of Tim Ho Wan’s operations.
Tim Ho Wan, with around 80 global store footprints across 11 regions, will be the flagship brand for Jollibee Group’s Chinese Cuisine segment.
Most recently, the dim sum brand launched a global flagship concept featuring an elevated taste of Cantonese cuisine with a modern Hong Kong vibe.
Don’t miss: Prudential HK wishes patients to ‘get well soon’ with collaborative menu
Meanwhile, it also teamed up with Prudential Hong Kong and some other local brands to develop a “get well soon” menu, allowing patients to enjoy dietary freedom even while they are unwell.
Available from 2 September to 1 November, the initiative came as Prudential recognised that recovering patients often feel their meal options are limited in both selection and flavour. The brand aimed to break this stigma and improve the daily meal experience for patients in their pursuit of health and wellbeing.
For example, Tim Ho Wan curated mixed mushroom dumplings with pine nuts (松子野菌餃), making them an excellent source of dietary fibre. Meanwhile, NuttieB developed osmanthus oolong pistachio mochi balls (桂花烏龍開心果麻糬波波), which were a great option for those looking to lower LDL cholesterol and stabilise blood sugar levels.
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