Jollibee Foods, Viet Thai International partner to list Superfoods Group in Vietnam
Jollibee Foods Corp. (JFC) signed an agreement with partner Viet Thai International Joint Stock Co. to list their joint-venture firm Superfoods Group in the Vietnam Stock Exchange by July 2019.
Image grabbed from english.vietnamnet
“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,” JFC chairman Tony Tan Caktiong said.
The Superfoods Group owns and operates 159 Highlands Coffee outlets, 33 Pho24 restaurants, and three Hard Rock Café stores. It has annual sales of $55 million, making it one of JFC’s fastest- growing joint-venture businesses.
According to Superfoods Group CEO Thai Phi Diep, the planned IPO would raise capital that would allow them to expand Highlands Coffee and Pho24 broadly in Vietnam as well as in other parts of Asia and in key cities in the world. However, the company did not specify how much it will raise from the initial public offering (IPO).
The agreement also calls for JFC to extend a $30 million loan to VTI.
The Superfoods Group aims to offer Asian consumers high quality coffee and cafe experience at affordable prices through the Highlands Coffee shops and its packaged products.
Source: businessmirror, philstar.com
