C07325-2020

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Oct 20, 2020
2. SEC Identification Number
77487
3. BIR Tax Identification No.
000-388-771
4. Exact name of issuer as specified in its charter
JOLLIBEE FOODS CORPORATION DOING BUSINESS UNDER THE NAME AND STYLE JOLLIBEE
5. Province, country or other jurisdiction of incorporation
PHILIPPINES
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
10/F Jollibee Plaza Building, 10 F. Ortigas Jr. Avenue Ortigas Center, Pasig City Postal Code 1605
8. Issuer's telephone number, including area code
(632) 8634-1111
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON 1,107,698,270
TREASURY 16,447,340
11. Indicate the item numbers reported herein
-

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Jollibee Foods CorporationJFC

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

JFC Increases Investment in Holding Entity of Tim Ho Wan to 85%
Background/Description of the Disclosure

Jollibee Foods Corporation (JFC), one of the largest Asian food service companies disclosed today that JFC, through its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL), shall purchase the 25% participating interest of Aragon Investments SPC (“Aragon”) in Titan Dining LP (“Titan”), a private equity fund and the ultimate holding entity of the Tim Ho Wan Brand. This will increase JFC’s participating interest in the Titan fund, from 60% to 85%. The transaction, with a total consideration of SGD36.3 million will be completed on October 30, 2020. JFC will pay Aragon through JWPL in cash.

On May 8, 2018, JFC disclosed that it shall invest up to SGD45 million in Titan, representing 45% of the fund, which had a fund size of SGD100 million at that date of disclosure. In the same disclosure, JFC stated that it would have the opportunity to acquire a substantial ownership in Tim Ho Wan’s master franchise in the Asia Pacific region when the term of the fund ends in 7 years, through a purchase mechanism that is provided for in the agreement with Titan. To prepare for this eventuality, JFC would operate as a franchisee of Tim Ho Wan in Shanghai, People’s Republic of China (PRC). When the disclosure was made in May 2018, Tim Ho Wan Pte. Ltd. (THWPL) and its affiliate Dim Sum Pte. Ltd. (DSPL), which owns and operates Tim Ho Wan stores in Singapore also had franchisees in Cambodia, Indonesia, Japan, Macau, Taiwan, Thailand, Vietnam, Australia, and the Philippines, with further development planned in the Asia Pacific region. There were 40 restaurant outlets under THWPL and DSPL, both company-owned and franchised stores.

On October 2, 2019, JFC disclosed that the fund size of Titan increased from SGD100 million to SGD200 million, and that in connection therewith, JWPL’s capital commitment to Titan increased from SGD45 million to SGD120 million. This increased JFC’s investment to 60% of the fund. The increase in fund size and additional capital commitment of JWPL are in furtherance of certain strategic projects currently being undertaken by Titan, consistent with its mandate to invest in the food service sector and grow strong Asia Pacific food service brands.

On September 23, 2020, the Jollibee Group opened the first-ever Tim Ho Wan restaurant in Mainland China, in Shanghai, marking the Michelin starred restaurant’s entry into the world’s second largest consumer economy. Located in the Jing’an Kerry Center, which is just a few minutes away from the famous Jing’an Temple, Tim Ho Wan is the latest addition to the portfolio of brands being directly operated by the Jollibee Group. The Jollibee Group has entered into a joint venture agreement with the Tim Ho Wan Group to open and operate Tim Ho Wan restaurants in Mainland China in line with the agreement made in May 2018.

JFC already has five brands serving Chinese cuisine: Chowking, a Chinese fast casual concept with presence mostly in the Philippines (645 stores worldwide); Yonghe King, a Taiwanese food-inspired restaurant chain in China that is famous for its freshly prepared soya milk (353 stores); Hong Zhuang Yuan, a full-service restaurant chain in Beijing, PRC that serves congee and other hot dishes (30 stores); Panda Express (1 store), America’s favorite Chinese kitchen that is best known for its wide variety of original recipes; and, Tim Ho Wan (1 store) which offers delicious authentic Hong Kong dim sum at a good value for money. JFC aims to build as an important part of its portfolio a significant business serving Chinese cuisine in different parts of the world.
Other Relevant Information

Further to the May 8, 2018 and October 2, 2019 disclosures, this disclosure is amended to reflect the increase of JFC’s participating interest in the Titan fund from 65% to 85%. Please see attachment.
Filed on behalf by:
Name VALERIE AMANTE
Designation VICE-PRESIDENT