Jollibee to boost investment in Titan Dining

RESTAURANT chain operator Jollibee Foods Corp. (JFC) is looking to beef up its expansion in the Asia-Pacific region with a S$90-million capital commitment to Titan Dining II LP (Titan Fund 2).

In a filing on Wednesday, JFC said it would make the investment through its wholly owned subsidiary, Jollibee Worldwide Pte. Ltd., which would have a 90-percent participating interest in Titan Fund 2.

Titan Fund 2 will have a fund size of S$100 million, to be used to bankroll JFC's «strategic investments in food and beverage concepts… to bring strong global food service brands to Asia-Pacific.»

The fund will be «managed by Titan Dining Partners II Ltd., consisting of individuals with extensive experience in the food and beverage sector in the Asia-Pacific region,» JFC noted.

In January, the fast-food giant announced plans to raise its capital commitment to private equity fund Titan Dining LP, which owns the Tim Ho Wan brand and company-owned Tim Ho Wan outlets.

The additional investment in the equity fund, JFC said, will support the growth and expansion of Tim Ho Wan and other brands that will be part of Titan's portfolio.

Last week, Jollibee Group acquired a 10-percent stake in US-based beverage technology firm Botrista Inc. after investing $28 million to boost its coffee and tea business.

JFC saw its net income last year expand by 22.4 percent to P8.99 billion from P7.34 billion in 2022, following «all-time high» revenues of P244.1 billion, up 5.2 percent from P211.9 billion.

As of end-February 2024, the group's store network had expanded by 6.1 percent year on year to 6,902 outlets, with 3,336 located in the Philippines and 3,566 overseas.

Jollibee's shares on Wednesday declined by P5.20, or 2.1 percent, to P242 each.