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Philippine-based fast-food giant Jollibee’s parent company will fully take over Hong Kong’s Michelin-starred dim sum restaurant chain Tim Ho Wan by acquiring the remaining 8 per cent stake in the firm for S$20.2 million (US$15.3 million).
Tim Ho Wan, dubbed the most affordable Michelin-starred restaurant in the world, is famed for its sweet and savoury baked barbecue pork buns, steamed rice roll, turnip cake and dumplings, and made its debut in 2009.
Tim Ho Wan was set by two local chefs, Mak Kwai-pui and Leung Fai-keung.
Jollibee Food Corporation, which runs fast-food chains across Asia, had owned 92 per cent of the dim sum company since January, and the latest deal gives it full ownership.
Tim Ho Wan runs about 80 stores in 11 markets including Singapore, Shanghai, Beijing, Melbourne, Tokyo, Macau, South Korea and Manila.
It earned a Michelin star in 2010, a year after its establishment. Its first store in Hong Kong – at No 9 Fuk Wing Street in Sham Shui Po – held a star from 2010 to 2021.