Jollibee Food Corporation (JFC), the biggest fast-food chain in the Philippines, has agreed to sell an 11% stake in the holding company of Highlands Coffee to Vietnamese partner Viet Thai International Joint Stock Company (VTI) for about $88 million.
The sale will raise VTI’s interest in SF Vung Tau Joint Stock Company, which holds the Highlands Coffee business in Vietnam, from 40% to 51%. Jollibee will retain a 49% stake after the deal closes, according to the company’s regulatory filing.
VTI will pay $88 million in cash over an agreed period following completion. The price may rise through a capped adjustment linked to the value of the shares.
The transaction values the Vietnam coffee platform at an implied 100% equity value of $800 million, representing a substantial premium to the carrying value of the investment in the Jollibee Group’s books, according to Jollibee.
VTI is Highlands Coffee’s founding shareholder. Jollibee invested in the business in 2012, and Highlands Coffee had grown to 1,062 company-operated and franchised outlets in Vietnam and overseas by the end of June.
The deal comes as Highlands Coffee explores an initial public offering in Vietnam that could raise $300 million to $400 million, Bloomberg reported in January, citing people familiar with the matter.
In 2025, DealStreetAsia reported that Highlands Coffee is reviving listing plans amid surging demand, with the Vietnam stock exchange being the first choice, a top executive told DealStreetAsia.
In an interview with DealStreetAsia, founder and CEO David Thai revealed that the company is actively engaging with investment bankers such as UBS and Jefferies, among others, for its initial public offering (IPO).
“We’ve been meeting with bankers to look at our options… we’ve explored multiple stock exchanges—Singapore, Hong Kong, ADX, of course, the US stock exchange,” Thai stated.
In 2016, Jollibee and its partner firm Viet Thai International Joint Stock Company announced plans to list Highlands Coffee on the Vietnam stock exchange by July 2019. The size of the IPO was not disclosed. However, the plan was disrupted by the COVID-19 pandemic, which shifted global capital focus and altered market dynamics.
In March this year, Jollibee Foods Corp confirmed that its Vietnam coffee unit, Highlands Coffee, is reviving plans for an initial public offering (IPO) in Vietnam, as the Philippine restaurant group looks to unlock value and fund the chain’s next stage of expansion.
