Philippine catering chain Jollibee Foods Corporation (JFC) will soon close a deal to acquire Hong Kong-born Michelin-starred Cantonese food chain Tim Ho Wan, according to Philippine media reports.
The Hong Kong chain operates stores at the Broadway Macau and the Londoner, in addition to one food court outlet at The Venetian Macao. The impact on its Macau operations from the deal is still unclear.
Initial reports in 2018, when JFC first emerged as a potential buyer, stated that the deal would concern operations in Asia and the Pacific, such as Singapore, Japan, Taiwan, Thailand and the Philippines.
The Times has contacted the landlords of the chain’s two stores in Macau, namely Galaxy Entertainment Group and Sands China for information, but no reply was received by press time.
“Its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd. which already owns an 85% participating interest in the fund shall pay 71.56 million (Singaporean dollars) to purchase the remaining 15% interests of other investors in Titan Dining LP,” said the fast food giant in a recent regulatory filing.
The brand Tim Ho Wan is owned by Titan, a private equity fund.
Under the terms of the deal, JFC will not take over the brand’s home-base operations. AL
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