Jollibee Eyes Hong Kong Listing for International Business Separation

MANILA, Philippines — Jollibee Foods Corp. (JFC) is considering listing its international business in Hong Kong as the homegrown fast-food giant moves forward with plans to separate its overseas operations from its Philippine business. On Tuesday, JFC said it was contemplating a separate listing of Jollibee Foods Corporation International (JFCI) on the main board of the Hong Kong Stock Exchange (HKEX). JFCI would hold the group’s existing international business. The company chose Hong Kong after assessing which market would best suit JFCI’s geographic footprint, business profile and long-term ambitions. JFC said HKEX would give the international unit access to a broad pool of global and regional investors. JFCI sees Hong Kong as a natural fit, leveraging its Asia presence and brand recognition to support North American expansion. The move advances JFC’s plan, first announced in January, to create two independently listed companies with separate strategic priorities and investment profiles. Under the contemplated transaction, JFC will distribute JFCI shares to its existing shareholders based on their current interests in JFC as of a specified record date, while adhering to applicable taxes and legal and regulatory requirements. Meanwhile, JFC will remain listed on the Philippine Stock Exchange and will retain the group’s Philippine operations and businesses. The transaction remains subject to corporate restructuring and diligence, market conditions and required approvals, including clearance from HKEX’s listing committee. JFC stressed that the final terms and timing—and whether the separation and listing will ultimately proceed—remain uncertain.