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Philippines' Jollibee invests $33.5m in Tim Ho Wan franchiser

Fast-food leader's net income rises 17.3% in first quarter from a year ago

Jollibee aims to become a global company by expanding in Southeast Asia, China and the U.S.   © Reuters

MANILA -- Philippine fast-food leader Jollibee Foods is investing up to 45 million Singapore dollars ($33.5 million) in a fund that is poised to become the new master franchise holder of Tim Ho Wan, a popular dim sum chain.

Jollibee Worldwide, a unit of Jollibee Foods, said Wednesday it will pump that amount into Titan Dining, a S$100 million private equity fund, which has struck a binding agreement for the acquisition of Tim Ho Wan (THWPL) and affiliate Dim Sum, which owns and runs the brand in the city-state.

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