According to Forbes, Jollibee Foods Corp., controlled by billionaire Tony Tan Caktiong and his family, is planning to spin off its international operations into a separate company called Jollibee Foods Corporation International. The goal is to list this new entity in the United States by 2027, depending on market conditions and regulatory approvals. The company’s overseas business accounted for about 43% of its 224.2 billion peso ($3.8 billion) revenue in the first nine months of 2025, spanning 6,859 stores in over 30 countries. CEO Ernesto Tanmantiong has stated the hope is to “get a better valuation from Wall Street.” Existing shareholders will receive shares in the spin-off proportionate to their holdings, and the core Philippine business will remain listed on the Philippine Stock Exchange.
Why Split The Beehive?
On the surface, this is a classic corporate move to “unlock value.” But here’s the thing: it’s a massive bet that Wall Street will look at Jollibee’s global expansion story and see pure, high-growth potential, separate from its dominant but more mature Philippine base. Analyst John Gatmaytan nailed it by saying this could finally give investors the “real picture” of the international business. That business has been a money pit for years, fueled by aggressive acquisitions like Coffee Bean & Tea Leaf and Tim Ho Wan. A standalone listing forces transparency. Investors who want steady, reliable domestic cash flow can keep the Philippine stock. Those with an appetite for riskier, capital-intensive global growth can buy the international one. It’s a clever way to cater to two different investor mindsets without scaring either group off.
The Global Ambition Is Clear
This isn’t just a financial engineering exercise. It’s the logical next step in a long-stated mission. Tanmantiong wants overseas ops to be half of total business and to make Jollibee one of the world’s top five most valuable fast-food chains within a decade. That’s a huge goal. Spinning off the international arm gives it its own currency—its own stock—to potentially fund more acquisitions or expansion without diluting the owners’ control over the prized Philippine cash cow. It’s a signal that the global push is moving from an experimental phase into its own dedicated, scaled operation. They’re not just dabbling overseas anymore; they’re building a second, standalone empire.
Risks And The Valuation Game
But will Wall Street actually play along? That’s the billion-dollar question. The U.S. market is notoriously tough for restaurant stocks, and Jollibee’s international portfolio is a wild mix: a struggling coffee chain, a premium dim sum concept, and its own beloved but culturally specific fried chicken and spaghetti brand. It’s not a simple, replicable story like a burger chain. The spin-off’s success hinges entirely on convincing U.S. investors that this eclectic portfolio has a coherent, profitable growth strategy. And let’s be real, the timeline “by 2027” gives them a lot of wiggle room. If market sentiment sours or the international numbers don’t improve, this plan could easily get shelved. Basically, they’re testing a hypothesis: that the sum of Jollibee’s parts is worth more than the whole.
A Legacy Move For A Family Empire
Stepping back, this feels like a defining move for the Tan Caktiong family. Starting from a single ice cream shop in 1975 to a global network of over 10,000 stores is one thing. But creating a U.S.-listed vehicle for the next phase of growth? That’s about cementing a legacy. It transitions the family business from a Philippine champion into a potential global player with a seat at the world’s biggest financial table. The risk, of course, is that it creates complexity and potentially splits focus. But for a family with a $2.9 billion fortune looking at the next fifty years, it’s a bold play to ensure Jollibee isn’t just a local legend, but a permanent fixture on the global stage.
