Jollibee Foods acquiring dim sum chain Tim Ho Wan

Filipino fast food chain Jollibee is set to gain full ownership of Hong Kong dim sum chain Tim Ho Wan.

In a disclosure to the Philippine Stock Exchange on Nov. 5, Jollibee Foods Corporation (JFC) said its wholly-owned subsidiary, Jollibee Worldwide Pte. Ltd entered into a share purchase agreement with Titan Dining Group Ltd to acquire 166,458,461 shares of Tim Ho Wan Holdings Pte. Ltd., GMA Network reported.

"Completion of this transaction is subject to closing conditions. After which, Tim Ho Wan Holdings Pte. Ltd. shall be consolidated into Jollibee Group's portfolio and financial reports," JFC said.

On JFC's website, Tim Ho Wan is listed under their brands, along with Tiong Bahru Bakery, Milksha, and Common Man Coffee Roasters.

With the acquisition, Tim Ho Wan will be JFC's flagship brand for Chinese cuisine, with 80 stores in 11 countries.

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