HOMEGROWN Jollibee Foods Corp. is planning to spin off its international operations and list the new entity in the United States.
The new company will be known as Jollibee Foods Corp. International (JFCI) and Jollibee told the stock exchange on Tuesday that the move would allow the group to establish two independently listed businesses with distinct strategic and investment profiles.
“As a proudly homegrown Philippine company, we carry our heritage and express our national pride into this next chapter of our journey,” Jollibee Group Global President and CEO Ernesto Tanmantiong said.
“Our move toward an international listing demonstrates the strength of the Jollibee Group, a company with Filipino roots competing on the world stage, ” he added.
The Philippine-listed company will continue to focus on domestic operations, anchored on a resilient and cash-generating food service business, a strong market presence and loyal customers.
The company added that the structure would offer stable earnings and continued opportunities for domestic expansion.
The international unit, meanwhile, will house all operations outside the Philippines and operate as a global growth company with a portfolio of international brands.
Jollibee said the business would be built on a capital-light model and positioned to scale globally through innovation and long-term growth initiatives.
Once implemented, current Jollibee shareholders will receive JFCI shares corresponding to their existing stake, subject to applicable taxes and legal and regulatory requirements.
Juan Paolo Colet, managing director of China Bank Capital Corp., described the transaction as Jollibee’s most ambitious restructuring since its listing on the Philippine Stock Exchange (PSE) in 1993.
“It’s a novel way for a Philippine blue chip to list its foreign operations while ensuring that eligible shareholders at the time of the spin-off are able to capture the complete economics of the move,” he said.
Colet added that the separation and listing of JFCI should help unlock the value of Jollibee’s international business, and could generate investor interest as the market speculates on the valuation of the overseas unit ahead of its planned US listing.
JFCI is likely to be viewed as a higher-growth company given the size of the global consumer market, Colet continued, although this also comes with higher risks associated with entering and scaling in new markets.
The Philippine-listed entity, meanwhile, will become a more focused play on the domestic food-service sector where there is still room to refresh brands and grow a predominantly mature portfolio, he said.
Colet stressed the importance of ensuring that Philippine investors are not disadvantaged by the offshore listing, emphasizing that the company should make it easier and more cost-efficient for shareholders to receive, hold, and trade JFCI shares abroad, including facilitating share transfers and access to foreign brokerage accounts.
Jollibee said it had engaged both international and local advisers and started working on defining the structure, process, and timing of the planned separation and potential US listing.
Implementation has been targeted for late 2027, subject to market conditions, due diligence, and approvals from relevant regulatory authorities.
The company emphasized that the spinoff plan remained preliminary and that there was no assurance regarding the final terms, timing or completion.
Jollibee shares rose by P26.60, or 14.5 percent, to end Tuesday at P210 apiece amid a 2.49-percent gain for the benchmark PSE index.
