Jollibee Foods Corporation inks joint venture deal to bring Tim Ho Wan in China
A subsidiary of the Philippine conglomerate will have a majority stake.
Jollibee Foods Corporation (JFC) has revealed its plan to invest up to US$7.8m to bring Michelin-starred restaurant chain Tim Ho Wan in Shanghai and other locations in China.
In an announcement sent to the Philippine Stock Exchange, JFC said that the move will be done through a joint venture between its subsidiary, Golden Plate Pte. Ltd, and restaurant company Dim Sum Pte. Ltd., which owns and operates Tim Ho Wan outlets in Singapore.
Both parties agreed to invest up to US$13m with Golden Plate owning 60% of the joint venture.
The Philippine-based fast food group recently reported a 4.9% decrease in Q3 sales of its China businesses attributed to the cost of foreign currency changes.
