Jollibee, Viet Thai Int'l to list subsidiary on Vietnam Stock Exchange

Jollibee Foods Corp. (JFC) on Monday said plans are afoot to have joint venture Superfoods Group – owner and operator of the brands Highlands Coffee and Pho 24 – listed on the Vietnam Stock Exchange by 2019.

In a disclosure, JFC said it entered into an agreement with partner Viet Thai International Joint Stock Company (VTI), through subsidiary JSF Investments Pte. Ltd., to have the Superfoods Group listed no later than July 2019.

Apart from owning the brand Highlands Coffee and Pho 24, the joint venture is a franchisee of Hard Rock Cafe. Superfoods has annual sales of $55 million. It owns and operates 159 Highlands Coffee outlets, 33 Pho 24 stores, and three Hard Rock Cafe outlets.

"In terms of country, our fastest growing business is Vietnam. This reflects the vibrancy and potential of the economy and the strong performance of our joint venture business," JFC Chairman Tony Tan Caktiong said.

"I am confident that with the strong capability of our partner and the support of our organization in the Philippines, we will have a truly significant business in Vietnam," he added.

Superfoods CEO Thai Phi Diep said the proceeds from the planned IPO would be used to fund the expansion of its network of stores.

"We look forward to making Highlands Coffee and Pho 24 true national champion brands of Vietnam. Our planned IPO will raise capital to enable us to expand these two brands broadly in Vietnam, in other parts of Asia and in other key cities in the world," he said.

Post-IPO JFC will have a 60-percent equity in Superfoods.

"The number of shares to be sold at the time of the IPO and the price per share will be determined by that time based on the capitalization required to significantly grow the business and the fair value of the business," according to JFC.

Jollibee reported last week a 3.5-percent increase in net income at P3.08 billion in July to September, buoyed by system-wide sales.

The company has 80 Jollibee outlets in Vietnam, with annual sales of $25 million.  — Viktor Cabuenas/VDS, GMA News