Billionaire Tony Tan Caktiong's fast food giant Jollibee Foods Corp. (JFC) is taking control of the brand's master franchise holder in Hong Kong as it seeks accelerate its China expansion.

In a stock exchange filing on Wednesday, Jollibee said it would purchase a majority stake in Meko Holdings Ltd. for $16.8 million.

Following the transaction, Jollibee's wholly-owned subsidiary in Singapore, Jollibee Worldwide Pte. Ltd., will own 60 percent of Meko Holdings. The remaining 40 percent will be owned by Meko's current stockholders.

"Hong Kong is an important market for Jollibee and an important part of JFC China's strategy to elevate the Jollibee brand in a general population or mainstream market," the company said in the filing.

"Hong Kong is renowned for its relationship with a vast variety of food and attracts both a strong base of local consumers and tourists. Upon completion of this transaction, JFC will have 60 percent ownership of this once 100-percent franchised market," it added.

Jollibee earlier announced plans to open a record number of stores in 2023 amid resurgent restaurant sales in the postpandemic era.

It will open 550-600 outlets across all of its brands to sustain growth.