MANILA, Philippines – Jollibee Foods Corporation‘s subsidiary entered into a joint venture agreement to operate the Tim Ho Wan brand in China.
In a disclosure to the Philippine Stock Exchange on Thursday, November 14, Jollibee said its wholly owned subsidiary Golden Plate Pte Ltd (GPPL) teamed up with Dim Sum Pte Ltd (DSPL) to form a company in China.
After the incorporation of the joint venture, it would then sign a unit franchise agreement with Tim Ho Wan to develop and operate stores in Shanghai and in other cities in China.
Tim Ho Wan is a popular dim sum restaurant founded in Hong Kong in 2009.
GPPL will get a controlling stake or 60% of the business. The two companies committed to invest up to $13 million for the joint venture. Of the amount, $7.8 million will be contributed by GPPL in proportion to its ownership in the business.
DSPL owns and operates Tim Ho Wan restaurants in Singapore.
Jollibee already has Chowking, Yonghe King, and Hong Zhuang Yuan in its Chinese cuisine portfolio, accounting for 20% of its system-wide sales.
As of September 2019, Jollibee has a total of 3,238 stores of various brands in the Philippines and 1,451 abroad.
Just last September, Jollibee fully acquired United States-based The Coffee Bean and Tea Leaf for $350 million. – Rappler.com
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