Jollibee’s Hong Kong Spinoff Leaves a ₱93 Billion Debt Question

The restaurant group wants investors to value its international ambitions separately. Before celebrating, shareholders need to know which company will inherit the acquisition debt.

Jollibee Foods Corp. is preparing to serve investors two separately listed companies: a Philippine restaurant business traded in Manila and an international food-and-beverage group proposed for listing in Hong Kong.

The separation promises a cleaner view of two increasingly different businesses. The Philippine operation is Jollibee’s established cash generator. The international portfolio is the growth platform assembled through years of expansion and acquisitions, including The Coffee Bean & Tea Leaf, Smashburger, Highlands Coffee, Tim Ho Wan, Compose Coffee and, most recently, South Korea’s Shabu All Day operator.

But the most important number for existing shareholders isn’t the valuation Hong Kong investors might assign to that collection of brands. It is the amount of debt that will remain behind in the Philippine-listed JFC.

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