(Chicken) Joy to the world? Philippine fast-food giant Jollibee Foods Corp (JFC) is set to take over the management and ownership of the Tim Ho Wan restaurant chain. 

• In a disclosure, JFC said that its wholly-owned subsidiary, Jollibee Worldwide Pte. Ltd. (JWPL) will buy out the remaining stakes of the dim sum food chain from Titan Fund, which operates the brand.
• The deal is valued at $20.2M SGD (~$15.2M).

Juicy! JWPL has had a 92% stake in Titan Fund since January this year. 

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🥟 Dim sum craze

Tim Ho Wan was founded by chefs Mak Kwai Pui and Leung Fai Keung back in 2009, and quickly gained fame for its signature Barbecue Pork Buns. 

• Today, the chain has around 80 stores across 11 countries. 
• SG represent? Tim Ho Wan’s first international restaurant opened in 2013 in Plaza Singapura!

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🍗 What’s next for Jollibee?

Jollibee currently has over 6K worldwide stores, serving up its iconic Chicken Joy, palabok, and sweet Filipino spaghetti in over 30 countries. 

• JFC has a majority stake in other brands such as South Korea’s Compose Coffee, Vietnam’s Highlands Coffee, and more!

With the acquisition, Tim Ho Wan will be JFC’s flagship brand for the Chinese Cuisine segment. 

• Other brands in this segment include Chowking, Yonghe King, and Hong Zhuang Yuan.

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1 SGD = 0.754133 USD