Jollibee sells down to 49% of Highlands Coffee at a $800 million valuation and calls it portfolio management
The Philippine group sold 11% for about $88 million, dropping from 60% to 49% and giving up operating control of a 1,062-store chain whose Q2 system revenue rose 46.7%.
What happened
CafeF reported on 24 September 2026 that Jollibee Foods Corporation, through its JSF Investments arm, sold 11% of Highlands Coffee to Vietnam Thai International, cutting the group holding from 60% to 49%. Dan Tri reported on 23 September 2026 that the sale covered 1.5 million shares in SF Vung Tau Company at VND1.6 million each, bringing Jollibee VND2,300 billion, roughly $88 million, on a chain valuation of $800 million. Vietnam Thai International, founded by David Thai, moves from 40% to 51% and takes operating control.
The chain was not in difficulty. Second-quarter 2026 system-wide revenue rose 46.7% year on year, Vietnam same-store sales rose 11.5%, the network stood at 1,062 stores, and EBITDA reached about VND440.4 billion, up 70.4%. First-half profit exceeded VND730 billion, up 39%.
Jollibee described the move as portfolio management: build a business, scale it, then adjust ownership once mature, retaining 49% to stay exposed. CafeF also reported the group is reorganising its international operations into a separate entity and weighing a Hong Kong listing, while Highlands separately targets a Vietnam listing in the first quarter of 2027 raising $300 million to $400 million.
Why this matters across Asia
Selling down a winner is a different signal from exiting a loser, and it is the more instructive one. A group that holds franchise and joint-venture stakes across many Asian markets has a finite balance sheet and a finite management bench. Releasing operating control of a mature, profitable asset to a committed local owner frees both, while the retained 49% keeps the upside.
For operators across the region the practical read is that control and economics can be separated deliberately. Holding 49% of a chain run well by a local founder can beat holding 60% and supplying the management attention.
Figures to keep
- Stake sold: 11% for VND2,300 billion (about $88 million); valuation $800 million
- Jollibee 60% to 49%; Vietnam Thai International 40% to 51% with control
- Q2 2026: system revenue up 46.7%; Vietnam same-store sales up 11.5%; 1,062 stores; EBITDA about VND440.4 billion, up 70.4%
- Highlands listing target: Q1 2027, raising $300-400 million
This article analyses publicly available information. It is not investment advice and promises no level of return.
Compiled from public sources for information only, not investment advice.