Jollibee Foods Corp, the biggest fast-food operator in the Philippines, is in advanced discussions to sell a minority stake in its Vietnamese coffee chain Highlands Coffee, two sources with knowledge of the matter told Reuters.
Controlled by Philippine billionaire Tony Tan Caktiong, Jollibee is considering a sale that could value the fast-growing coffee chain at roughly US$800M, one of the sources said, declining to be named as the information is confidential.
The group is looking to sell 10 per cent to 15 per cent of its stake in Highlands Coffee to an investor, the source added, declining to name the party.
Jollibee initially bought a small stake in Highlands Coffee a decade ago and then took a controlling interest. Highlands Coffee, which was established in 1999, began as a coffee products packager in Hanoi and has since grown to become a chain with more than 500 stores in Vietnam and the Philippines.
