Jollibee in Woodside, New York | Photo via Wikimedia Commons
NEW YORK– Jollibee Foods Corporation (JFC), the Philippines’ largest restaurant operator and one of Asia’s most aggressive food‑service multinationals, announced plans to spin off its international operations and pursue a U.S. stock market listing by late 2027. The move—one of the most significant corporate restructurings in the company’s history—would effectively divide Jollibee into two publicly listed entities: a Philippine‑based cash‑generating business and a faster‑growing global operation poised for expansion across North America, Asia, and Europe.
The company confirmed that the new entity, Jollibee Foods Corporation International (JFCI), will house all operations outside the Philippines, including brands such as Smashburger, Coffee Bean & Tea Leaf, and the rapidly expanding Jollibee stores in the U.S., Canada, Vietnam, China, and the Middle East. JFC’s domestic operations will remain listed on the Philippine Stock Exchange (PSE).
Jollibee said it has already hired international and local advisers to finalize the structure, process, and timing of the separation and potential U.S. listing. The plan remains subject to market conditions, regulatory approvals, and completion of internal restructuring.
Two Distinct Companies: A Cash Engine and a Global Growth Vehicle
Under the proposed structure, Jollibee will become two separate companies:
- Jollibee Philippines (Domestic Unit)
- Will retain all Philippine operations.
- Described as a “stable, cash‑generative platform” anchored by a dominant market share in the Philippines.
- Will remain listed on the PSE.
- Expected to appeal to investors seeking predictable earnings and exposure to Philippine consumer spending.
- Jollibee Foods Corporation International (JFCI)
- Will include all overseas businesses and brands.
- Positioned as a “high‑growth global entity” with significant expansion potential across multiple markets.
- Will pursue a U.S. listing, likely through an IPO, by late 2027.
- Expected to attract global investors interested in fast‑growing restaurant concepts.
Analysts say the split will allow investors to value each business more accurately. COL Financial analyst Rachelle Biacora noted that the separation will enable the market to distinguish between the “stable, cash‑generative Philippine business” and the “higher‑growth but more volatile international operations”.
Impact on Existing Shareholders
Jollibee confirmed that current shareholders will receive shares in the new international company proportionate to their existing holdings at the time of the listing. It means:
- Shareholders will own stock in two separate companies.
- They may choose to hold or sell shares in either entity.
- The domestic unit’s market value may decline due to the separation, potentially affecting its weighting in stock indexes, analysts say.
Shares of Jollibee surged following the announcement, rising as much as 14.5%, the company’s biggest one‑day gain since 2008.
Executives Leading the Plan
While Jollibee has not released a complete list of executives overseeing the restructuring, the plan is being driven by the company’s top leadership, including:
Ernesto Tanmantiong, President and CEO
Richard Shin, Chief Financial Officer
Joseph Tanbuntiong, Chief Business Officer
Dennis Flores, President for International Business (Europe, Middle East, Asia, Australia)
Maribeth Dela Cruz, President for Jollibee North America
The company also disclosed that it has hired international and local financial advisers to guide the spin‑off and U.S. listing process.
Why Jollibee Is Pursuing a U.S. Listing
Jollibee’s international business has grown rapidly, now accounting for 43% of total revenues from January to September 2025. The company operates more than 10,300 stores worldwide, with nearly 7,000 located overseas.
The U.S. market, in particular, has become a significant growth engine, with long lines at new store openings and strong demand for its signature Chickenjoy and Jolly Spaghetti.
A U.S. listing would:
- Provide access to deeper capital markets
- Increase global visibility
- Support acquisitions and expansion
- Allow investors to value the global business independently
Reactions from Owners, Shareholders, and Filipino Consumers
The announcement has sparked mixed reactions among Filipino investors and consumers.
Shareholders React Positively
Long‑time JFC shareholder Miguel Santos, who has held Jollibee stock since the early 2000s, welcomed the move.
“This is the boldest step Jollibee has taken in years. The international business deserves its own spotlight. As a shareholder, having two stocks instead of one gives me more flexibility.”
Cautious Optimism from Small Investors
Retail investor Liza Ramos, who owns a modest number of shares, expressed cautious optimism.
“It’s exciting, but I’m also worried the Philippine stock might lose value. Still, if the U.S. listing succeeds, it could lift both companies.”
Filipino Consumers See It as a Point of Pride
For many Filipinos, the news is less about stock value and more about national pride.
“Jollibee going public in the U.S. is like seeing a Filipino athlete compete on the world stage,” said New York‑based nurse Arnel Dizon.
“It shows the world that Filipino brands can go global.”
What Comes Next
Jollibee emphasized that the plan is still preliminary and may change depending on market conditions and regulatory requirements. The company is currently undergoing internal restructuring and asset transfers to prepare for the split.
If successful, the U.S. listing could mark a historic milestone—not only for Jollibee but for Philippine business as a whole.
