Jollibee Foods Corporation (JFC) has completed the acquisition of a 60 per cent stake in Jollibee Hong Kong’s master franchisee Meko Holdings Limited.

The deal was valued at US$16.08 million. Under the agreement, the franchisee’s shareholders retain the remaining 40 per cent of Meko Holdings. 

“Hong Kong is an important market for Jollibee and an essential part of JFC China’s strategy to elevate the Jollibee brand in a general population or mainstream market,” the company said in a statement. 

Earlier this year, the company entered a joint venture agreement with Food Collective to bring Tiong Bahru Bakery and Common Man Coffee Roasters to the Philippines. The company said Common Man Coffee Roasters will start its operation in the Philippines this year. 

As of the end of June, JFC operated 6617 stores worldwide.