Jollibee charts dual-market future with planned US listing for international arm

Jollibee is preparing for a significant structural shift as it looks to sharpen its global growth narrative, announcing plans to create a standalone international business that it intends to list on a US securities exchange.

Under the proposed move, the Philippine-listed Jollibee Foods Corporation (JFC) will retain all domestic operations and remain listed on the Philippine Stock Exchange, while a new entity - Jollibee Foods Corporation International (JFCI) - will house the group’s overseas businesses. Existing shareholders will own shares in both companies, allowing them to participate separately in the growth trajectories of the domestic and international platforms.

The announcement marks a milestone for the homegrown Filipino brand as it continues to scale globally, positioning itself for greater visibility and access to capital in international markets. 

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“As a proudly homegrown Philippine company, we carry our heritage and express our national pride into this next chapter of our journey. Our move toward an international listing demonstrates the strength of the Jollibee Group, a company with Filipino roots competing on the world stage,” said Ernesto Tanmantiong, Jollibee Group global president and CEO.

Once separated, JFC will represent a focused domestic consumer platform anchored on the Philippines’ resilient and cash-generative food-service market. The company said the local business will continue to offer stable earnings, strong brand leadership, and opportunities for domestic expansion, while giving investors direct exposure to Philippine consumption growth.

In contrast, JFCI is being positioned as a global growth company, comprising all international brands and operations across multiple regions. Built on what JFC describes as a capital-light model, the international entity is designed to pursue scale in markets that support innovation, international expansion, and long-term growth.

The group said this dual structure is intended to provide investors with clearer choices, enabling them to align their investment decisions with either a stable domestic earnings profile or a higher-growth international play.

Subject to regulatory approvals and taxes, JFC shareholders are expected to receive shares in JFCI in proportion to their existing holdings. Shareholders may then choose to hold or sell their stakes in either company independently, offering greater flexibility in portfolio allocation.

JFC emphasised that this approach is designed to unlock value by allowing each business to be assessed on its own fundamentals, growth drivers, and market dynamics.

The company has engaged both local and international advisers and has begun work on the proposed structure, including internal reorganisation and evaluation of listing requirements. The transaction is targeted for completion in late 2027, subject to market conditions, regulatory approvals, and customary reviews.

JFC cautioned that the plans remain preliminary and may evolve, noting that there is no certainty the separation or US listing will proceed as outlined, or at all.

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