Jollibee ownership of Tim Ho Wan seen by Jan

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JOLLIBEE Foods Corp. eyes to complete the transfer of ownership Tim Ho Wan from Titan Dining LP by January, according to Richard Shin, Jollibee chief finance officer.

Shin said the consolidation of Tim Ho Wan into Jollibee,

which follows the winding down of Titan Dining’s Titan Fund I where Tim Ho Wan is a flagship brand, will result to an improvement in the company’s return on invested capital (ROIC) as well as in the reported profit of the company.

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“…when we invested in the fund there was no net operating profit after tax because (the investment is) in the fund. We’re not getting the consolidation benefit of that P&L (profit and loss). And it is a profitable business. So the big impact to the shareholders is you’ll see ROIC improving. We’ll see a PNL improvement as well,” he added. 

Stock broker Abacus Securities Corp. in an investor’s note said Jollibee realized an P810- million revaluation gain under the transaction, reported under its nine months result.

Shin said the company expects to further improve its numbers with the acquisition of the Tim Ho Wan business, which will be the core of its Chinese cuisine brands. 

Two weeks ago, Jollibee said that it 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 I to it wholly owned subsidiary, Jollibee Worldwide Pte. Ltd (JWPL).

JWPL has held a 92 percent participating interest in Titan Fund since January 2024. Jollibee said that the acquisition of TPL will only amount to SGD20.2 million, corresponding to the 8 percent participating interest held by the other investors in Titan Fund.

Jollibee at that time said that Tim Ho Wan, with around 80 global store footprint across 11 countries, will be the “flagship brand for Jollibee Group’s Chinese Cuisine segment.” 

“This brand is known for bringing the best of Hong Kong to the world through its world-renowned dishes barbecue pork buns and other specialties,” it said in a statement.

Tim Ho Wan was founded in 2009 by Chef Mak Kwai Pui, alongside Chef Leung Fai Keung. 

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