JFC mulls options for listing of international business

MANILA, Philippines — Asian food conglomerate Jollibee Foods Corp. (JFC) is considering various options for the planned listing of its international business.

“The company continues to evaluate various strategic options for the intended listing of its international business with a view to determining what would best serve the best interests of the company and its shareholders, and these evaluations remain ongoing,” JFC said in a stock exchange filing.

JFC’s statement comes after Bloomberg, citing people familiar with the matter, reported that the company is considering switching a potential spinoff and listing of its international business from the United States to Hong Kong.

“The company clarifies that, as previously disclosed on Jan. 5, 2026, it announced its intention to pursue a separation of its international business and a potential listing on a US securities exchange, subject to prevailing market conditions, regulatory approvals and other relevant considerations,” JFC said.

The planned separation reflects the increasing distinct strategic profiles of the group’s international and Philippines businesses, both of which have expanded across geographies and brands with diverging growth trajectories, operating models and capital intensity.

JFC chief financial and risk officer and Jollibee Group international business CEO Richard Shin earlier said the move seeks to simplify and enhance transparency by moving away from the previously complex and consolidated structure.

The group said it is pursuing a US listing for its international business because US capital markets have a deep investor base experienced in valuing global consumer and restaurant growth companies.

The US was also regarded as having the highest market capitalization food and beverage companies.

“The US listing aligns JFC with the largest capital market, liquidity access and supports valuation discovery,” Shin earlier said.

As one of the world’s fastest-growing restaurant companies, JFC has a network consisting of 10,421 stores — 3,499 in the Philippines and 6,922 abroad — as of end-March.