FAST-FOOD giant Jollibee Foods Corp. (JFC) is set to acquire full ownership and control of Tim Ho Wan, a Hong Kong-based dim sum restaurant, for S$20.2 million (P892.29 million).
The ownership and management of Tim Ho Wan will be transferred to JFC subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) from Titan Dining LP (Titan Fund), the fast-food operator said in a statement to the stock exchange on Tuesday.
“This will be effected through the transfer of ownership of 100% of Tim Ho Wan Holdings Pte. Ltd. (TPL), the holding company of the Tim Ho Wan business, from a subsidiary of Titan Fund to JWPL,” JFC said.
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