Jollibee Foods Corporation (JFC), the Philippines’ largest fast food chain makes plans to go public in Vietnam by 2019.
Jollibee Foods made the announcement to the Philippines stock exchange, according to the news on Monday, November 21, 2016.
The SuperFoods Group, a joint venture company by Jollibee unit JSF Investments Pte. Ltd. (JSF) and Viet Thai International Joint Stock Company (VTI), behind the Highlands Coffee and Pho 24 brands to Vietnam’s stock market with an initial public offering (IPO) planned for 2019.
SuperFoods Group owns and operates Highlands Coffee Shops in Vietnam, Highland Coffee packaged Products and Hard Rock Café franchised stores in Macau, Hong Kong, and Vietnam.
As stated by Tony Tan Caktiong, Jollibee Chairman:
“We are very excited about our planned IPO (initial public offering) of Superfoods. Our fastest growing business in terms of country is Vietnam and this reflects the vibrancy and potential of the economy and the strong performance of our joint venture business. 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.”
Superfoods Group owns and operates 159 Highlands Coffee locations, 33 Pho 24 stores and three Hard Rock Café outlets.
“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,” said by Thai Phi Diep SuperFoods Chief Executive Officer and Highlands Coffee Founder.