In 2016, Jollibee revealed plans to list its affiliate, SuperFoods, a Vietnam-based business comprising mainly of Highlands Coffee brand of coffee shops, in the Vietnam Stock Exchange by 2019. The plan however was postponed due to the pandemic.
Nevertheless, the IPO plan is still in the drawing board. Currently, there are 700 Highlands Coffee stores, most of which are in Vietnam. As such, there is room for further growth in other neighbouring countries.
Richard Shin, Jollibee’s Chief Financial Officer hinted, “..As you can see, we haven’t really expanded this brand into many countries. So therefore, I think there are a few steps ahead of (an) IPO.”
In a separate development, Jollibee Foods Corp. is also bringing Singaporean food and beverage brands, Tiong Bahru Bakery and Common Man Coffee Roasters, owned by Food Collective Pte Ltd (FC) to the Philippines via a Pesos 250 million (US$4.4 million) joint venture partnership.
The 60:40 JV between Jollibee and FC will own and operate the 2 F&B brands in the country.
Tiong Bahru Bakery is famous for baked goods and coffee with 16 branches in Singapore, while Common Man Coffee Roasters operates an all-day dining cafe with 5 stores across Singapore and Malaysia.