Jollibee’s Sale of Highlands Coffee Stake Remains Incomplete

Jollibee’s third-quarter financial report shows that, as of November 10, 2026, the sale by its subsidiary JSF Investments of an 11% stake in Công ty cổ phần SF Vũng Tàu to Viet Thai International (VTI) had not been completed. The transaction remains subject to conditions including regulatory approval and shareholder consent. It is valued at VND 2.3 trillion, approximately USD 88 million. SF Vũng Tàu is the company that owns Highlands Coffee.

Jollibee’s proposed sale of an 11% stake in the company that owns Highlands Coffee remained incomplete as of November 10, 2026.（VietVance）

Jollibee announced the transaction in September 2026. Before the sale, Jollibee held 60% of SF Vũng Tàu through JSF Investments, while VTI held 40%. Once the transaction is completed, their stakes will be 49% and 51%, respectively, giving VTI a controlling interest. VTI was founded by Highlands Coffee founder David Thái.

The financial report shows that Highlands Coffee’s earnings before interest, taxes, depreciation and amortization (EBITDA) reached PHP 2.3905 billion, approximately VND 992 billion, in the first nine months of 2026, up 25.2% from PHP 1.909 billion in the same period a year earlier. In the third quarter alone, EBITDA was PHP 662.4 million, approximately VND 275 billion, down 0.5% from PHP 666 million in the same quarter of 2025.

Highlands Coffee’s EBITDA rose 25.2% year on year in the first nine months of 2026.（VietVance）

Highlands Coffee currently has 1,117 stores, mainly in Vietnam, up 132 from 985 at the end of 2025. Of these, 983 are jointly owned stores and 134 are franchised stores. Average daily sales per store are about VND 18 million to VND 19 million; assuming 365 days of operation, annual sales per store are approximately VND 6.6 billion to VND 6.9 billion.

Source: VietVance