Jollibee CFO says growth supports 2027 US listing of international arm

[MANILA/SINGAPORE] Jollibee Foods’ international business is “ready to be a standalone”, its global chief financial officer said on Wednesday (Jan 14), as the Philippine fast-food group prepares to spinoff overseas operations to list on a US exchange in late 2027.

The plan unveiled on Jan 5 envisages retaining the Manila listing of its Philippine business. The company’s shares have climbed nearly 16 per cent year to date, for a market capitalisation of about US$3.9 billion, LSEG data showed.

There were “so many reasons to believe that international is ready to be a standalone and the potential is there to continue because of the growth rate,” said Richard Shin, the global chief financial officer.

The international business accounted for 6,800 of Jollibee’s 10,300 stores by the end of last year’s third quarter, he told reporters.

Over the past 15 quarters its store network racked up compound annual growth of 26.7 per cent, outpacing the group’s overall expansion of 15.1 per cent, he added.

Shin said the spinoff would simplify the group’s structure and improve transparency, allowing investors to assess the domestic and international businesses on a standalone basis.

The US offers capital markets with a large investor base experienced in valuing global consumer and restaurant growth companies, Shin said.

A listing there would provide greater liquidity, deeper capital markets and broader analyst coverage, he added.

Jollibee operates across 33 countries with brands such as Jollibee, Chowking, Smashburger and Tim Ho Wan.

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Known for the flagship brand of the same name, which offers menu items from sweet-style spaghetti to fried chicken, it has expanded its store base internationally alongside a broader multi-brand portfolio. REUTERS