By Inside Retail Asia
Jollibee Foods is considering Hong Kong for the listing of its international business, replacing an earlier plan to pursue a US listing as it advances the separation of its overseas operations.
Founder and chairman Tony Tan Caktiong said Hong Kong is the market best aligned with the company’s global expansion plans, given its business, geographic footprint, and long-term ambitions.
JFCI will hold Jollibee’s businesses outside the Philippines, while JFC will retain its local operations and remain listed on the Philippine Stock Exchange.
The proposed separation would create two independently listed companies, allowing the domestic and international businesses to set their own strategic priorities and allocate capital independently.
Jollibee said Hong Kong’s investor base was another factor behind the proposed listing.
“HKEX also provides access to a broad base of global and regional investors, making it well-suited to support a business with ambitions that extend well beyond Asia, including continued growth in North America,” the company said.
According to LSEG data cited by Reuters, companies raised about $22.45 billion through new listings in Hong Kong during the first half of this year, up nearly 57 per cent from a year earlier and the city’s strongest first-half performance in five years.
Ahead of the proposed separation, the company has appointed Richard Chong Woo Shin as CEO of JFCI.
“The appointment of Richard to lead JFCI is another important step in establishing the company for its next phase,” Caktiong added.
Shin will take on the CEO role full-time once the separation is completed. Until then, he will continue as Jollibee’s chief financial and risk officer.
Prior to joining Jollibee Group, Shin held senior financial and business leadership roles across FMCG, retail, beverage, and aquaculture. Since joining the company, he has been involved in the group’s financial strategy, capital allocation, and international expansion.
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