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The deal, which is subject to closing conditions, is valued at SGD20.2 million (US$15.3 million), Jollibee said in a disclosure.
The Philippines-based company owned 92% of Tim Ho Wan as of January.
Tim Ho Wan, famous for its barbecue pork, pan fried turnip cake and steamed egg cake, was founded in 2009 by two chefs.
In 2010 it earned one Michelin star and was once called "the most affordable Michelin-starred restaurant in the world."
Its Hong Kong restaurant at 9 Fuk Wing Street has been awarded one Michelin star from 2010 to 2021.
Tim Ho wan now has 80 stores across 11 countries.
