MANILA - Jollibee Foods Corp. and its partner Viet Thai International Joint Stock Company have agreed to make its joint venture, Superfoods Group, a public company, Jollibee said on Monday.
Jollibee told the stock exchange that it plans to list Superfoods Group at the Vietnam Stock Exchange on or before July 2019.
Superfoods Group owns and operates Highland Coffee and Pho 24 and is a franchisee of Hard Rock Café. It has annual sales of $55 million.
As part of the agreement, Jollibee's subsidiary JSF Investments will provide a loan worth $30 million to Viet Thai International.
"We are very excited about our planned IPO of Superfoods. Our fastest growing business in terms of country is Vietnam and this reflects the vibrancy and potential of the economy," Jollibee Foods chairman Tony Tan Caktiong said.