JFC Advances Planned Spinoff of International Business; Selects Hong Kong for Proposed Listing and Names JFCI CEO
Metro Manila, Philippines, September 1, 2026 – Jollibee Foods Corporation (PSE: JFC) today provided an update on its previously announced plan to separate its international operations and business from its Philippine operations and business.
Since announcing the planned listing of JFC’s international business in January 2026, JFC has made substantial progress in preparing both businesses to operate independently, undertaking detailed work across the transaction structure, governance, financing, systems, and organization. The Company has taken a deliberate approach to establishing the right foundations for both businesses, while preserving flexibility for their continued development following the separation.
Following this work, the Company is contemplating a proposed separate listing of the shares of Jollibee Foods Corporation International (“JFCI”) on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEX”). JFCI as the listing vehicle will hold the current international business of JFC.
The decision reflects the continued development of the proposed transaction and the Company’s assessment of the listing venue best suited to JFCI’s business, geographic footprint, and investment profile. The Company believes Hong Kong offers the market environment and investor relevance to support JFCI’s long-term ambitions and is best positioned to recognize the value of its distinctive business profile and growth potential. The fundamental rationale for the separation remains unchanged: to establish two independently listed businesses, each with a distinct strategic focus and investment profile, and with the ability to pursue its respective growth opportunities.
Hong Kong represents a natural market for JFCI given the depth of JFCI’s existing presence and brand recognition across Asia, where many of its brands already have strong consumer awareness and market relevance. 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. Its established universe of listed Asian consumer and restaurant companies also provides investors with relevant reference points for evaluating JFCI.
The Company believes these characteristics of HKEX provide a strong platform for JFCI as it seeks to build a leading global food and beverage business with roots in the Philippines and ambitions across international markets.
JFCI Chief Executive Officer
As a further step toward establishing JFCI as a standalone company, JFC today announced that Richard Chong Woo Shin will serve as Chief Executive Officer of JFCI.
Mr. Shin currently serves as Chief Financial and Risk Officer of Jollibee Foods Corporation and Chief Executive Officer of JFC International. He brings three decades of international finance and business leadership experience across consumer, retail, and other industries in Asia, including senior leadership roles at William Grant & Sons, Ralph Lauren, Bacardi, and Altria. Since joining JFC, he has played a key role in JFC’s financial strategy, capital allocation, and international expansion, and has led JFC International as it has continued to expand its portfolio and geographic reach. A Chartered Accountant, he holds a Master’s in Accounting from McGill University and a double major in Finance and Accounting from Concordia University. He was awarded the ING-FINEX CFO of the Year in 2024.
Mr. Shin will continue to serve in his current roles as Chief Financial and Risk Officer of Jollibee Foods Corporation and Chief Executive Officer of JFC International until completion of the proposed separation, at which point he will assume his role as Chief Executive Officer of JFCI on a full-time basis.
JFCI is being designed to operate as a fully independent company with a lean corporate organization, equipped with the capabilities required to support and govern a growing international portfolio. Its operating model will emphasize disciplined capital allocation, thoughtful evaluation of investment opportunities, and clear portfolio priorities, while ensuring that the business is appropriately resourced to pursue its long-term growth ambitions. The structure will also seek to preserve relevant benefits of scale where these support efficiency and execution. The structure is being developed specifically around the needs of JFCI as a standalone public company, with the financial, organizational, and governance capabilities required to support sustainable growth.
“Since the announcement on 6 January 2026 to list our international business, we have been doing the detailed work required to establish two strong, independent companies,” said Chairman Tony Tan Caktiong. “That work has reinforced our conviction in the listing and has led us to conclude that Hong Kong is the market best aligned with JFCI’s business, geographic footprint, and long-term ambitions. The appointment of Richard to lead JFCI is another important step in establishing the company for its next phase. Together with the organization being built around JFCI and its businesses, we believe these steps position both companies strongly for their next phase of growth.”
Upon implementation, the contemplated transaction is expected to result in then-current JFC shareholders receiving shares in JFCI corresponding to their prevailing interest in JFC as of a designated record date, subject to compliance with the applicable taxes and legal and regulatory requirements. In parallel, the Company is undertaking restructuring steps to implement the contemplated separation of the international business from the Philippine business. These steps are being carried out in a deliberate and coordinated manner to support the proposed listing and the transition of JFCI into a standalone public company. The Company is also developing appropriate arrangements to support shareholders through the distribution and listing process, with further details to be provided as the transaction progresses. Jollibee Foods Corporation will remain listed on the Philippine Stock Exchange and will comprise JFC’s Philippine operations and
businesses.
The Company is working with its international and Philippine legal counsels, Sidley Austin and Picazo Buyco Tan Fider Santos & Dee, and other professional advisors on the separation and listing process. The proposed transaction remains subject to completion of the corporate restructuring and diligence, prevailing market conditions and receipt of required corporate, regulatory and other approvals, including the obtaining of approval from the Listing Committee of the Hong Kong Stock Exchange for listing of, and permission to deal in, the shares of JFCI, and the final decisions of the board of directors of the Company and JFCI. There can be no assurance as to the final terms, timing or completion of the proposed separation or listing.
The information herein remains preliminary in nature and subject to change. This announcement does not constitute an offer to sell or a solicitation of an offer to purchase any securities. Further updates will be provided as appropriate and in accordance with applicable disclosure requirements.