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Jollibee to Spin Off Overseas Unit for Planned U.S. Listing by 2027

The restructuring seeks clearer investor valuation by separating the cash‑generative Philippine business from the higher‑growth international platform.

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Customers dine in a branch of Jollibee in Manila, Philippines, August 23, 2019. Picture taken August 23, 2019. REUTERS/Eloisa Lopez/File Photo
Jollibee said the splitting of its two business arms will sharpen the strategic focus of each, allowing investors to differentiate between its “stable, cash-generative Philippine business” and their “higher-growth but more volatile international operations”.
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Overview

  • Jollibee will carve out all non‑Philippine operations into Jollibee Foods Corporation International while keeping the domestic business listed in Manila.
  • Existing shareholders will receive shares in the new international company proportional to their Jollibee holdings at the time of the U.S. listing.
  • The company has engaged international and local advisers and is targeting a late‑2027 U.S. listing, contingent on market conditions and regulatory approvals.
  • Jollibee shares surged 14.5% on Tuesday after a brief trading halt and gained another 7.6% on Wednesday following the spin‑off announcement.
  • The group counts 6,859 of its 10,304 stores overseas and derived about 43% of Jan–Sep 2025 revenue internationally, as analysts highlight valuation clarity alongside possible index‑weighting effects and execution risks from past acquisitions.