Jollibee sells 11% Highlands Coffee stake to VTI

VIETNAM – Jollibee Foods Corp. has agreed to sell an 11% stake in Highlands Coffee to Viet Thai International Joint Stock Company (VTI) for approximately US$88 million, reducing its ownership in the Vietnamese coffee chain to 49%. 

Jollibee is selling the interest in SF Vung Tau Joint Stock Company, the holding company for Highlands Coffee, through its subsidiary JSF Investments Pte. Ltd. The transaction values the coffee business at an implied equity value of $800 million.  

Following completion, VTI’s ownership will increase from 40% to 51%, giving it majority control of Highlands Coffee. Jollibee will retain 49% and continue to have board representation and minority protections under the shareholder agreement. 

VTI was founded by David Thai, who is also the founder and chief executive officer of Highlands Coffee. The transaction therefore returns majority ownership of the coffee chain to its Vietnamese shareholder after more than a decade of Jollibee control.  

Jollibee said the transaction forms part of its portfolio management strategy, involving building businesses, expanding their scale and optimising ownership as mature businesses gain access to external capital. The proceeds will be used to reduce debt, reinvest in higher-growth platforms and support shareholder returns. 

The transaction comes as Highlands Coffee prepares for a potential initial public offering in Vietnam. Jollibee announced in March that the chain’s board was evaluating a standalone IPO and listing, with a target timeline of the first quarter of 2027. 

Jollibee said the proposed IPO would provide Highlands Coffee with direct access to Vietnam’s capital markets and support its next phase of growth.  

Highlands Coffee was founded in 1999 and opened its first café in Ho Chi Minh City in 2002. Jollibee entered the business in 2012 and later increased its ownership to 60%, while VTI retained a 40% stake. 

The coffee chain has since expanded significantly. By the second quarter of 2026, Highlands Coffee had about 1,062 outlets, according to recent reports.  

COL Financial Group reported that Highlands Coffee’s second-quarter EBITDA reached VND440.4 billion ($16.85 million), up 70.4% year on year and its strongest quarterly result in six quarters. 

Jollibee’s proposed stake sale remains subject to the required conditions and regulatory approvals before completion. 

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