Jollibee Foods Corporation is selling an 11% stake in Highlands Coffee’s Vietnamese holding company to Viet Thai International Joint Stock Company (VTI), increasing VTI’s ownership to 51% and giving the Vietnamese company control of the coffee chain.
Jollibee, through its wholly owned subsidiary JSF Investments Pte. Ltd., has agreed to sell its stake in SF Vung Tau Joint Stock Company (SFVT) for VND2.3 trillion, or approximately US$88 million, subject to customary adjustments. The transaction implies an equity value of about US$800 million for the Highlands Coffee business.
Following completion, VTI will hold 51% of SFVT, while Jollibee will retain a 49% economic interest. Jollibee will continue to have board representation and minority shareholder protections under the existing shareholder arrangements. The deal remains subject to customary closing conditions, including regulatory approvals and shareholder consents.
VTI is the founding shareholder of Highlands Coffee and has been Jollibee’s joint venture partner in Vietnam since 2011. David Thai, who founded Highlands Coffee in 1999, remains the company’s CEO.
“Vietnam is where we proved the Jollibee Group model can succeed internationally. Together with our partner, we transformed Highlands Coffee from a little over 50 stores at the time of our initial investment into a category leader with more than 1,000 stores today,” said Ernesto Tanmantiong, President and CEO of Jollibee Foods Corporation.
The transaction comes after more than a decade of expansion under Jollibee’s ownership. Jollibee invested in Highlands Coffee in 2012, when the chain had 56 stores. By June 2026, the network had grown to 1,062 outlets across Vietnam and international markets.
The network includes both company-operated and franchised locations. Earlier in 2026, Highlands Coffee had 1,011 outlets in Vietnam, including 876 co-owned stores and 135 franchised locations. The brand has also expanded internationally, including through franchising, while its packaged coffee products are exported to more than 20 markets.
Highlands Coffee has become one of the key growth platforms within Jollibee’s Coffee & Tea portfolio. In the second quarter of 2026, the business generated more than PHP1 billion in EBITDA, representing growth of more than 70% year on year, according to Vietnam Investment Review.
Jollibee said the ownership change will not alter Highlands Coffee’s management team, brand direction, store operations, franchise relationships, employees or customer-facing experience.
“With JFC’s continued partnership and Viet Thai International taking on a deeper leadership role, we are entering an important new chapter, one focused on strengthening Highlands Coffee for long-term growth while staying true to our Vietnamese roots and the customer connection and coffee experience that have defined the brand from the beginning,” said David Thai.
Jollibee said proceeds from the sale will be used for debt reduction, reinvestment in other high-growth platforms and shareholder returns.
The transaction also follows Jollibee’s earlier disclosure that Highlands Coffee was evaluating a potential standalone IPO in Vietnam. The proposed listing could provide the coffee chain with direct access to capital for its next phase of expansion.
For Jollibee, the sale allows it to crystallise part of the value created through its investment while retaining a significant 49% economic interest in Highlands Coffee. For VTI, the transaction strengthens Vietnamese ownership of a coffee brand that has grown from 56 stores at the time of Jollibee’s investment into a more than 1,000-store network.
