Jollibee Foods Picks Hong Kong For Proposed International Spin-Off Listing

Philippine fast-food group Jollibee Foods has selected Hong Kong as the proposed venue for the separate listing of its international business and appointed Richard Shin as chief executive of the planned spin-off entity Jollibee Foods Corporation International (JFCI), according to ETNet. Jollibee Foods said on Tuesday, September 1, it is considering a main-board listing of JFCI on the Hong Kong Stock Exchange. JFCI would hold the group’s existing international business, while Jollibee Foods would retain its Philippine domestic operations and remain listed locally. Chairman Tony Tan Caktiong said Hong Kong best matches JFCI’s business footprint, investor profile and long-term development plans. Shin will become JFCI chief executive on a full-time basis after the spin-off is completed, while continuing for now as the group’s chief financial and risk officer. The company said the proposed transaction still requires corporate restructuring, due diligence and the necessary regulatory approvals, including approval from the Hong Kong Stock Exchange listing committee. It added that the final terms, timetable and whether the spin-off will proceed remain uncertain. Jollibee Foods first disclosed plans to spin off its international business in January, when it said it was considering a U.S. listing. Its brands include Jollibee fried chicken and Tim Ho Wan.