C00017-2024

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)
Jan 1, 2024
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 of 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 1,119,911,278
Treasury 16,447,340
Preferred Shares (JFCPA) 3,000,000
Preferred Shares (JFCPB) 9,000,000
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 to Increase Commitment to Titan Fund
Background/Description of the Disclosure

Jollibee Foods Corporation (JFC), one of Asia’s largest food service companies today disclosed that its wholly owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) announced its additional capital commitment to Titan Dining LP (“Titan”), the private equity fund which owns the Tim Ho Wan brand and company-owned Tim Ho Wan stores.

The fund size of Titan will increase from its current S$350,000,000 to S$450,000,000, to fund the store expansion plans and working capital requirements of Tim Ho Wan and the completion of other projects. JWPL’s participating interest in Titan will also increase from 90% to 92% through purchase of 2% participating interest of another limited partner in the fund for a total consideration of SGD7.7 million. With the increase in fund size, JWPL’s total commitment to the fund shall amount to S$414,000,000.

These amendments are necessary to support the growth expansion of Tim Ho Wan, other brands and other future food and beverages concepts that will be part of Titan’s portfolio.

JFC invested SGD45 million in Titan in May 2018 to own a 45% participating interest in Titan which was the master franchisee of Tim Ho Wan in the Asia Pacific region. JFC stated at that time that by investing in the fund, it would have the opportunity to acquire a substantial ownership of Tim Ho Wan’s master franchise in the Asia Pacific region through a purchase mechanism provided for in the investment agreement. To prepare for this eventuality, JFC set up a franchise operation of Tim Ho Wan in Shanghai, People’s Republic of China (PRC).

In October 2019, JFC disclosed that JWPL’s capital commitment to Titan increased from SGD45 million to SGD120 million, its participating interest increased to 60% and the fund size of Titan increased from SGD100 million to SGD200 million. Titan also expanded its assets by acquiring at about this time the Tim Ho Wan brand and trademarks.

In October 2020, JFC’s participating interest in Titan increased further from 60% to 85% after JWPL purchased the 25% participating interest of another investor in the fund for a total consideration of SGD36.3 million.

In August 2021, JFC purchased the remaining 15% of other investors in Titan.

On November 1, 2021, JWPL entered into an amended Limited Partnership Agreement with Titan to increase the fund size to S$250,000,000. Additional investors also joined the fund with a 10% participating interest in Titan. JWPL’s total commitment increased to S$225,000,000 which comprised 90% of the increased fund size and total commitments.

In September 2022, the fund size of Titan increased from S$250,000,000 to S$350,000,000 with JWPL’s commitment to the fund amounting to S$315,000,000.

JFC has two joint ventures with Titan for Tim Ho Wan in China, and for operations of Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines. Tim Ho Wan has 19 restaurants in the PRC, mostly in Shanghai. JFC plans to aggressively expand Tim Ho Wan in Mainland China with a target of reaching 100 restaurant outlets in the middle term.

Tim Ho Wan operates a total of 78 outlets in Asia, mostly franchised stores with the largest concentration in China 40 (19 in PRC, 16 in Taiwan, 5 in Hong Kong and 2 in Macau), Singapore 11 and Philippines 9. On November 13, 2019, JFC disclosed its joint venture with Dim Sum Pte. Ltd., establishing Hong Yun Hong (Shanghai) Food and Beverages Management Co. Ltd., which serves as the franchisee operating Tim Ho Wan stores in China.

[continued]
Other Relevant Information

Please see attachment for full disclosure.
Filed on behalf by:
Name VALERIE AMANTE
Designation VICE-PRESIDENT