JFC picks HK for listing of international business
Asian food conglomerate Jollibee Foods Corp. has chosen Hong Kong over the United States for the planned listing of its international business.
Asian food giant Jollibee Foods Corp. (JFC) has opted to list its international business on the Hong Kong Stock Exchange (HKEX) rather than the United States, according to a recent filing. JFC, in a stock exchange filing, revealed its intention to separate its international operations from its Philippine operations, with JFC International (JFCI) serving as the listing vehicle.
This decision, according to JFC, is based on an evaluation of the Hong Kong market, which offers the ideal environment and investor relevance for JFCI's long-term ambitions. The Hong Kong market also aligns well with JFCI's expansive global footprint and potential for growth beyond Asia, particularly in North America. JFC chairman Tony Tan Caktiong expressed confidence in Hong Kong as the market that best matches JFCI's business profile and long-term goals.
The separation is seen as a way to establish two distinct, independently listed companies, each with its own strategic focus and investment profile. JFC chairman Tan Caktiong also announced the appointment of Richard Shin as the CEO of JFCI, a role he will assume full-time once the separation is completed. This move is a significant step towards positioning both JFC and JFCI for continued growth.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
