Jollibee Foods Corp. (JFC) is selling an 11% stake in the holding company of Highlands Coffee to Vietnamese partner Viet Thai International (VTI) for approximately US$88 million, a move that will shift majority ownership of the fast-growing coffee chain to its Vietnamese partner.
The stake is being sold through JFC subsidiary JSF Investments, which owns part of SF Vung Tau JSC, the holding company of Highlands Coffee. The transaction implies an equity value of about US$800 million for the Vietnam coffee platform. Once completed, JFC will own 49% of Highlands Coffee, while VTI will hold 51%.
VTI was founded by David Thai, the founder and chief executive of Highlands Coffee. The transaction will therefore give the Vietnamese partner controlling ownership of the coffee chain, while JFC remains a significant shareholder.
JFC said the sale is intended to deepen Vietnamese ownership of Highlands Coffee as the company moves toward a potential domestic listing in Vietnam. JFC plans to use proceeds from the transaction to reduce debt and reinvest in other high-growth businesses.
The ownership change comes as Highlands Coffee continues to expand. The brand has approximately 1,000 stores across Vietnam and the Philippines and exports packaged coffee products, including instant coffee, ground coffee and beans, to more than 20 international markets.
Highlands has also remained an important growth driver for JFC. In the first half of 2026, JFC reported that its international business expanded 25.4%, with Highlands Coffee among the key contributors. Highlands recorded 11.5% growth in Vietnam during the second quarter.
JFC first invested in Highlands Coffee in 2011–2012 and eventually increased its ownership to 60%. The company had previously disclosed that Highlands’ board was evaluating a standalone initial public offering, with a potential Vietnam listing targeted for 2027.
The latest transaction marks a significant change in JFC’s ownership structure for one of its major international growth platforms. While JFC will give up majority control, it will retain a 49% interest and gain proceeds that can be directed toward debt reduction and other expansion opportunities.
The deal also places greater emphasis on Highlands Coffee’s potential Vietnam listing, which could give the brand access to the country’s capital markets while establishing VTI as its controlling shareholder. The transaction and any future listing remain subject to the required conditions and approvals.
