Restaurant chain operator Jollibee Foods Corp. signed an agreement to list its Vietnam venture that owns and operates Highlands Coffee and Pho24 in Vietnam Stock Exchange by July 2019.
Jollibee said in a disclosure to the Philippine Stock Exchange that unit SF Investments Pte and its joint venture partner Viet Thai International Joint Stock Company planned to make their joint venture company Superfoods Group a public company via an initial public offering.
Superfoods Group currently owns Highlands Coffee which has 159 outlets and Pho24 which has 33 stores. Superfoods also has three outlets of Hard Rock Cafe in Vietnam under a franchise agreement.
The Superfood joint venture which has an annual sales of $55 million is one of the fastest growing joint venture businesses of Jollibee, growing by 36 percent in the first nine months of the 2016. Highlands Coffee also grew 78 percent.
Jollibee chairman and founder Tony Tan Caktiong expressed confidence about the planned IPO of Superfoods.
“We are very excited about our planned IPO of Superfoods. Our fastest growing business in terms of country is Vietnam and this reflects the vibrancy and potential of the economy and the strong performance of our joint venture business. I am confident that with the strong capability our partner and the support of our organisation in the Philippines, we will have a truly significant business in Vietnam,” Tan Caktiong said.
Superfoods Group chief executive and founder of Highlands Coffee Thai Phi Diep said the IPO would enable the company to expand Highlands Coffee and Pho24 not only in Vietnam but also in other parts of the world.
“We look forward to making Highlnds Coffee and Pho24 true national champion brands of Vietnam. Our planned IPO will raise capital to enable us to expand these two brands in Vietnam, in other parts of the country and in other key cities in the world. Our joint effort with the people of JFC will make this possible,” he said.