Philippine Billionaire Tony Tan Caktiong Plans U.S. Listing Of Jollibee’s International Business

A Jollibee mascot during a children’s party at a Jollibee Foods Corp. restaurant in Quezon City, Metro Manila, the Philippines, on Tuesday, Feb. 7, 2023.

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Jollibee Foods Corp.—controlled by billionaire Tony Tan Caktiong and his family—seeks a U.S. listing for its international operations that it plans to hive off from its Philippine business.

The largest Philippine fast food chain plans to create a standalone international company that will be listed in the U.S. by 2027 depending on market conditions and regulatory approvals, the Manila-based company said in a statement. Jollibee shareholders will get shares in the spin-off company proportionate to their holdings.

“This can either be good or bad,” said Luna Securities Chairman John Gatmaytan. “Spinning off the international business could make those operations more transparent and finally give investors the real picture of that business, which has cost billions of dollars through expansion and acquisitions.”

Jollibee Foods Corporation International, the proposed entity, will own all non‑Philippine operations and be positioned as a global growth company with its fast‑expanding concepts across diverse markets, according to the company.

“Our move toward an international listing demonstrates the strength of the Jollibee Group, a company with Filipino roots competing on the world stage,” Ernesto Tanmantiong, Jollibee group global president and CEO Ernesto Tanmantiong, said.

In a Forbes Asia magazine feature in August 2024, Tanmantiong said that while no plan and timeline have been set he’s considering a U.S. listing, hoping Jollibee will “get a better valuation from Wall Street.” The company will stay listed on the Philippine Stock Exchange, ensuring existing shareholders will own shares in both the Philippine and international companies.

With the dual listing, investors get to invest in the business profile most aligned with their preferences, whether a resilient and growing domestic platform or a high-growth international company, Jollibee said.

Jollibee has been building its international profile by expanding overseas and acquiring a portfolio of foreign brands such as Coffee Bean & Tea Leaf and Chinese restaurant chain Tim Ho Wan. Tanmantiong’s goal is for overseas operations to account for half of the group’s business and make it one the world’s five most valuable fast-food chains in a decade.

Jollibee’s overseas operation accounted for about 43 per cent of its 224.2 billion peso revenue ($3.8 billion) in the first nine months of 2025. Since the late 1980s, the company has grown its global footprint to 6,859 stores in over 30 countries and territories, such as China, Vietnam and England. The group had 10,304 stores at the end-September, including those in the Philippines.

Tan Caktiong, Tanmantiong’s older brother, started Jollibee as an ice cream and sandwich shop in 1975. Aside from its namesake hamburger chain that’s beating McDonald’s in the Philippines, Jollibee’s other homegrown brands include Red Ribbon bakeshop, Mang Inasal chicken barbecue and Chinese fastfood Chowking.
He and his family have a net worth of $2.9 billion in August, making them the 10th wealthiest in Forbes Asia’s Philippine rich list that was published in August.