Homegrown Jollibee Foods Corp. (JFC) is set to complete its acquisition of Tim Ho Wan, the renowned Hong Kong-based dimsum chain, in a deal valued at SGD20.2 million.

In a stock exchange filing on Tuesday, JFC revealed that its subsidiary, Jollibee Worldwide Pte. Ltd. (JWPL), will acquire 100 percent of Tim Ho Wan Holdings Pte. Ltd. (TPL), the holding company behind the popular brand, from a subsidiary of Titan Dining LP (Titan Fund).

The acquisition, which will give JFC full control of Tim Ho Wan, is expected to close soon.

Cash for remaining eight percent

JWPL has held a 92 percent stake in Titan Fund since January, meaning JFC’s cash payment will cover the remaining eight percent interest held by other investors in the fund.

The acquisition positions JFC to expand its presence in Cantonese cuisine, marking a key move in its strategy to diversify its portfolio.

Tim Ho Wan, founded in 2009 by chefs Mak Kwai Pui and Leung Fai Keung, earned international acclaim in 2010 when it became the world’s most affordable Michelin-starred restaurant.

The brand now operates nearly 80 locations in 11 countries, with its flagship restaurant in Sham Shui Po, Hong Kong, retaining its Michelin star for more than a decade.