Jollibee Foods Corporation (JFC) announced plans to spin off its international business and take it public on a U.S. securities exchange, according to a filing with the Philippine Stock Exchange.
The company said in a news release that it’s working with international and local advisors on defining the structure and timing of the separation and upcoming U.S. listing. The transaction is expected to occur in late 2027. JFC acknowledged that the strategy could change and there is no assurance an actual separation will occur.
Under this potential move, the Philippine-based business would remain listed on the Philippine Stock Exchange.
“The planned spin-off and listing reflects the continued development of JFC’s portfolio and the Company’s objective of establishing two independently listed businesses, each with a distinct strategic focus and investment profile,” JFC said in a statement. “The structure is designed to sharpen strategic focus for each company and support each business in pursuing its strategic ambitions, while enhancing the clarity of each equity story and enabling investors to engage with the business profiles most aligned with their investment objectives.”
According to JFC, the proposed Jollibee Food Corporation International (JFCI) would encompass all operations and businesses outside of the Philippines and “represent a global growth company that includes a portfolio of fast-growing international concepts across multiple categories and geographies.”
JFC operates and controls the Jollibee Group, which comprises 19 brands and over 10,000 locations in 33 countries. The portfolio features nine wholly owned chains, including Jollibee and Smashburger, and five franchised brands, including Burger King and Panda Express.
The announcement comes as Jollibee attempts to ramp up franchising in the U.S., where it has operated for over 25 years. Leading that charge is VP of franchise development Peter Wright, who brings experience from Starbucks, Panera, and McAlister’s. He named the Northeast, the Southeast, Texas, and California as priority markets.
There are approximately 80 U.S. Jollibee restaurants, one of which is a franchised store in Queens, New York. There are also 28 Jollibee units in Canada.
“While franchising is new to Jollibee, operating multiple restaurants is not new to us here in the United States,” Wright told QSR magazine in December.
Woo Chong, JFC’s CFO, chief risk officer, and corporate information officer, said during the company’s Q3 earnings call in November that Jollibee has signed 47 multiunit development agreements in North America and has 30 new commitments in the pipeline.
Additionally, JFC operates 200 Smashburger locations—119 corporately owned and 81 franchised.
JFC’s North America same-store sales rose 11.9 percent in Q3, and systemwide sales increased 16.7 percent.
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