Jollibee Foods Corporation (JFC) announced it will acquire full ownership of the Tim Ho Wan brand, renowned for its Michelin-starred Cantonese cuisine.

In a disclosure to the stock exchange, JFC said its subsidiary, Jollibee Worldwide Pte., which currently holds a 92% stake in Tim Ho Wan, will purchase the remaining 8% from other investors in Titan Fund, the entity that operates the restaurant chain. The deal is valued at 20.2 million Singapore dollars.

Tim Ho Wan, founded in 2009 in Hong Kong, is famous for its affordable, high-quality dim sum and has around 80 stores in 11 countries.

This acquisition strengthens JFC’s presence in the Chinese cuisine segment, with Tim Ho Wan serving as its flagship brand.