Jollibee Foods Corp. said Tuesday it plans to spin off its international operations and list the business on a US securities exchange, while retaining its Philippine operations as a listed entity on the Philippine Stock Exchange.
The proposed separation would create two independently-listed businesses with distinct strategic and investment profiles, Jollibee said in a disclosure to the PSE.
The transaction is targeted for late 2027, subject to market conditions, due diligence and regulatory and legal approvals.
Under the plan, JFC will retain all Philippine operations, positioning it as a domestic consumer platform anchored on its food-service business. The Philippine unit is expected to offer stable earnings and domestic expansion opportunities supported by its market presence and loyal customer base.
The international unit, to be named Jollibee Foods Corp. International, will include all operations outside the Philippines.
JFC said this business would represent a global growth platform comprising fast-growing concepts across multiple categories and geographies, operating under a capital-light model with room for expansion in markets that support international scale.
The structure is designed to sharpen strategic focus for each company and support each business in pursuing its strategic ambitions while enhancing the clarity of each equity story and enabling investors to engage with the business profiles most aligned with their investment objectives, the fast-food chain said.
If the transaction is completed, existing Jollibee shareholders will receive shares in the international company in proportion to their current holdings, subject to taxes and regulatory requirements. Shareholders would then be able to hold or sell shares in either company independently.
China Banking Corp. managing director Juan Paolo Colet the said the spin-off and listing of JFCI should fully unlock the value of Jollibee’s international business.
“We expect some excitement around JFC as investors speculate on JFCI’s listing valuation. JFCI will be seen as having a comparatively higher growth potential given the sheer size of the global consumer space, but that also comes with the associated higher risk of breaking into new markets,” Colet said.
Jollibee said it has engaged international and local advisers and has begun work on the structure, process and timing of the separation, including internal restructuring and asset transfers.
