Philippines' Jollibee plans spinoff, US listing of international business

SINGAPORE, Jan 6 (Reuters) - ⁠Jollibee Foods ⁠Corp ‍plans to spin off its international operations and list the new ‍unit as an independent company on a ​U.S. securities exchange, it said in a filing ​with the Philippine Stock Exchange on Tuesday.

The Philippine operations will remain listed on the local bourse, it said ​in the disclosure, adding that the decision aims to create two independently listed ​businesses with distinct strategic focuses and investment profiles.

Jollibee's shares surged ‌14.5% after the filing, on course for their biggest one-day jump in ​over five years.

The fast food ⁠restaurant operator said it intends to execute the transaction in late ‌2027, subject to market conditions, due diligence and regulatory approvals.

Current Jollibee shareholders will receive shares ‌in the new entity corresponding to their existing interest, ‌subject to applicable taxes and legal requirements, according to the filing. The information is preliminary and subject ‍to change, the company added.

Jollibee operates more than 10,000 stores across ⁠33 countries under brands including Jollibee, Chowking, Smashburger and Tim Ho Wan, among others.

(Reporting by Yantoultra Ngui; Additional reporting by Ankur Banerjee; Editing by Joe Bavier)

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