Transfer of Controlling Stake in Highlands Coffee Remains Incomplete

Jollibee Foods Corporation’s third-quarter financial report, released on November 10, 2026, showed that the sale of an 11% stake in CTCP SF Vũng Tàu to Vietnamese partner CTCP Quốc tế Việt Thái had not been completed as of September 30. As of November 10, the relevant closing conditions and regulatory approvals were still outstanding. CTCP SF Vũng Tàu operates Highlands Coffee’s business in Vietnam.

Jollibee Foods Corporation disclosed the transaction on September 23. It covers nearly 1.5 million shares. Before the transaction, CTCP Quốc tế Việt Thái held 40% of the operating company and Jollibee Group held 60%. Once it is completed, their respective stakes will be 51% and 49%, giving the Vietnamese partner control. CTCP Quốc tế Việt Thái has been a joint venture partner in the business since 2011.

The agreed price is 1.6 million Vietnamese dong per share (about US$60.24), for a total cash transaction value of 2.3 trillion Vietnamese dong (about US$88 million), subject to adjustments. The contract provides for payment over an agreed period after closing. Under the valuation method used for the transaction, Highlands Coffee’s Vietnam business has an equity valuation of US$800 million.

Because the transaction had not been completed as of September 30, Jollibee Foods Corporation continued to consolidate the operating company in its third-quarter financial statements, reporting a 60% indirect ownership stake. As of that date, Highlands Coffee had 1,117 stores, mainly in Vietnam, a net increase of 132 from the end of 2025. Its systemwide sales grew 41% year on year in the third quarter of 2026; earnings before interest, taxes, depreciation and amortization for the first nine months reached 2.391 billion Philippine pesos, up 25% year on year.

Source: VietVance