Singaporean restaurant chain Paradise Group has repurchased shares from investment firm PAG, reclaiming full ownership, DealStreetAsia has reported.

The financial details of the buyback were not disclosed.

Hong-Kong headquartered PAG initially invested in Paradise Group in 2016, with founders Eldwin and Edlan Chua maintaining a significant stake post-investment.

The group now aims to expand its global presence to 300 stores by 2028.

The company, which operates 14 brands across 150 outlets in 12 regions, has seen substantial growth.

With locations in Cambodia, China, Hong Kong, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Taiwan, Thailand, the US and Vietnam, Paradise Group has a diverse international footprint.

In its most recent financial report submitted to Singapore's Accounting and Corporate Regulatory Authority, the group disclosed earnings of S$1.66m ($1.23m) for the fiscal year that concluded on 31 July 2023.

Despite making a 78.5% higher profit in the previous year, the company's revenue still rose by 23% to S$315.1m, with a gross margin of 73.85%.

PAG oversees $55bn in assets under management, serving 300 institutional investors worldwide through diverse investment strategies.

In May 2024, the Business Times reported that Paradise Group is intensifying its expansion efforts in the US, its first market beyond Asia.

It seeks to establish eight new outlets in California and an initial presence in Texas by 2025.

This will increase the group's US presence to 11 outlets, including the Paradise Dynasty and Le Shrimp Noodle Bar brands.

Malaysian café chain Oriental Kopi has also partnered with Paradise Group to enter the Singapore market, reports World Coffee Portal.

Oriental Kopi plans to launch eight outlets in Singapore up to 2026, with the first of these opening in the third quarter of 2024.