Jollibee spins off global arm, eyes US listing

Homegrown fast-food giant Jollibee Foods Corp. (JFC) plans to split its international business from its Philippine operations to separately grow its businesses while giving investors clearer choices.

In a stock exchange disclosure on Tuesday, JFC said it intends to list its international operations as an independent company on a United States (U.S.) securities exchange, while its local business will remain listed on the Philippine Stock Exchange.

The company said the planned spin-off reflects “the continued development of JFC’s portfolio” and its goal of creating “two independently listed businesses, each with a distinct strategic focus and investment profile.” 

JFC added that the structure is designed to “sharpen strategic focus for each company” and give investors the flexibility to invest in the business that best matches their objectives.

As part of the proposed structure, JFC will retain all local operations, positioning the Philippine-listed company as a “focused domestic consumer platform anchored on a resilient, cash-generative Philippine food-service business.” 

The company said this unit is supported by “leading brands, strong market presence, and loyal customers,” and that it offers “stable earnings and continued opportunity for domestic expansion.”

Meanwhile, the international business—set to be named Jollibee Foods Corp. International (JFCI)—will house all operations outside the Philippines. 

JFC said JFCI will be positioned as a global growth company with “a portfolio of fast-growing international concepts across multiple categories and geographies,” built on a “capital-light model with significant whitespace for expansion.”

The company is targeting completion of the transaction in late 2027, subject to market conditions, due diligence, and securing the required regulatory approvals.

Upon completion of the transaction, existing JFC shareholders are expected to receive shares in JFCI equivalent to their current ownership in JFC, “subject to applicable taxes and legal and regulatory requirements.” Shareholders may then “choose to hold/sell separately, based on their desired investment profile,” the company said.

To move the plan forward, JFC said it has engaged both international and local advisers and has begun work on defining the structure, process, and timing of the separation and potential U.S. listing, including internal restructuring and asset transfers.