Jollibee plans US listing for international business with new structure review

Jollibee Foods Corp. (JFC) on Wednesday said it is now reviewing the transaction structure for the planned US listing of its international business late next year, with internal teams and external advisers assessing options for the share distribution.

According to JFC chief financial officer Richard Shin, current shareholders of JFC will receive shares in the international business that will be listed in the US, corresponding to their prevailing interest, giving them ownership in two separately listed entities.

“The final mechanics of the distribution and trading agreements will depend on the approved transaction structure. Distribution and trading will be subject to tax, regulatory, and legal requirements. There’s a whole slew of micro questions that sit underneath this,” Shin told reporters in a virtual briefing.

“Needless to say, that’s very much part of our work stream that we’re working through with our internal teams, as well as our external advisers on this spinoff,” he added.

JFC last week announced plans to create a standalone international business — Jollibee Foods Corporation International (JFCI) — which it intends to list on a US securities exchange by 2027, which Shin said aims to simplify and enhance transparency by shifting from the complex and consolidated structure.

It ended September 2025 with 6,859 stores abroad — 535 in China, 355 in North America, 410 in Europe, the Middle East, Africa, and Australasia (EMAA), and 928 with Highland Coffee mainly in Vietnam.

“Success for the international business post-listing would be defined by improved transparency, disciplined capital allocation, execution against its growth strategy, and the ability to engage an investor base aligned with its risk-return profile, rather than being measured against any single short-term financial metric,” Shin said.

Shin maintained that the parent company will remain listed on the Philippine Stock Exchange (PSE), with no plans to delist.

“Philippine business will, of course, remain listed on the Philippine Stock Exchange, so we will not delist. We will not move our entire business and operations overseas in terms of a listing. We will not privatize. We will not do any of that,” he said.

“Philippines business is a vibrant, robust business that continues to grow in a very dynamic consumer market. The Philippines, where we believe our products, our positioning, and our services that we provide through our restaurants and cafes, is such that there’s ample room for growth,” he added.

The late 2027 timeline, Shin said, reflects the scale and complexity of preparing two companies for independent operation and potential listing, with key preparation areas including regulatory processes and operational separation.

This could be accelerated or delayed based on factors such as the regulatory review process, the audit and reporting readiness, transaction and structuring complexity, third-party consents, financing considerations, and market considerations.

“In the future, because they’re separate entities, we've got to make sure that it’s arm’s length, meaning that the services will continue to be used and can be used, but it’s got to be at arm’s length,” Shin said.

?“Will this affect store operations, customers, or franchisees? No impact and customers will continue to enjoy the same products, service, and brand experience across the JFC brands, all JFC brands. No immediate changes to store operations or franchise arrangements,” he added.

PSE president and chief executive officer Ramon Monzon, however, previously raised concerns over the plan, as he questioned how shareholders of the international business would be able to sell. –NB, GMA Integrated News