Tan Caktiong eyes stock market listing for Highlands Coffee by 2019
Jollibee Foods Corp. plans to take the Superfoods Group, which operates a chain of Highlands Coffee, Hard Rock Cafe outlets and Pho24 restaurants, public in Vietnam in July 2019.
A joint venture between JFC and Viet Thai Internaitonal Joint Stock Co., the Superfoods group, which has $55 million in annual sales, has 159 Highlands Coffee outlets, 33 Pho 24 stores, and 3 Hard Rock Cafe branches.
“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 and the strong performance of our joint venture business. I am confident that with the strong capability of our partner and the support of our organization in the Philippines, we will have a truly significant business in Vietnam,” said JFC chairman Tony Tan Caktiong.
Superfoods Group CEO and Highlands Coffee founder Thai Phi Diep said proceeds from the maiden share sale would allow the group to expand Highlands Coffee and Pho24 broadly in Vienam, in other parts of Asia and in other key cities in the world.
As part of the agreement to list Superfoods, JFC shall prpvide a $30 million loan to its partner, VTI. The ownership of JFC in Superfoods shall also increase to 60 percent while VTI shall own the remaining 40 percent.
Highlands Coffee serves Vietnamese coffee and light meals wile Pho24 serves traditional Vietnamese dishes with rice noodles as its core products.