SINGAPORE: The parent company of Philippine fast-food operator Jollibee announced on Tuesday (Nov 5) that it had reached a deal to acquire Hong Kong dim sum chain Tim Ho Wan for S$20.2 million (US$15.3 million).

In a filing to the Philippine Securities and Exchange Commission, Jollibee Foods Corporation said that it had signed an agreement for the transfer of ownership and management of Tim Ho Wan from Titan Fund to a subsidiary, Jollibee Worldwide.

Titan, a private equity fund, owns and operates the Singapore businesses of Common Man Coffee Roasters and Tiong Bahru Bakery, along with non-food and beverage brands including grooming salons Strip and Browhaus.

According to the filing, Jollibee Worldwide has held a 92 per cent participating interest in Titan since January. 

Jollibee Foods said that it would pay the S$20.2 million transaction in cash, adding that the amount corresponds to the 8 per cent participating interest held by Titan's other investors.

It said that completion of the transaction was subject to closing conditions. Tim Ho Wan will then be consolidated into Jollibee Food's portfolio and financial reports.

Best known for its outlets selling fried chicken, Jollibee Foods also owns and operates Yoshinoya, Common Man Coffee Roasters and Tiong Bahru Bakery outlets in the Philippines.

In July, it took control of South Korea's Compose Coffee, which has over 2,700 outlets in its home country.

It also invested US$100 million to acquire American coffee chain The Coffee Bean & Tea Leaf in 2019.