Jollibee Foods Corp., one of the largest Asian food service companies, plans to spin off its international business and list it on a United States (US) exchange next year as it seeks to capture higher valuations and accelerate global expansion.

In a disclosure to the Philippine Stock Exchange, the firm said the company will distribute shares of the new entity, Jollibee Foods Corporation International (JFCI), to existing shareholders through a property dividend.

“The planned spin-off and listing reflects the continued development of JFC’s portfolio and the Company’s objective of establishing two independently listed businesses, each with a distinct strategic focus and investment profile,” said Jolibee.

The parent company, JFC, will remain listed in PSE and focus exclusively on its domestic operations.

The decision to split the group into two independently listed businesses is aimed at sharpening the strategic focus of each entity, Jollibee said.

By separating the high-growth international portfolio from the cash-generative Philippine operations, Jollibee said the company intends to provide investors with a clearer choice between a stable domestic consumer platform and a global growth vehicle.

“The structure is designed to support each business in pursuing its strategic ambitions while enhancing the clarity of each equity story,” the company said.

The proposed JFCI will house all operations and brands outside the Philippines. It is being positioned as a capital-light global growth company with “significant whitespace” for expansion, according to the filing.

Jollibee has been aggressive in its overseas push, acquiring brands like Smashburger and The Coffee Bean & Tea Leaf to diversify away from its home market.

The move also follows a broader trend of Asian conglomerates seeking US listings to tap deeper pools of capital and achieve more competitive multiples.

Jollibee said it has already engaged international and local advisors to define the structure and timing of the separation, which is tentatively scheduled for execution in late 2027, depending on market conditions and regulatory approvals.

Back home, the remaining JFC entity will function as a domestic consumer play. The company described the local unit as a resilient, cash-heavy business anchored by market-leading brands and a loyal customer base.

It will continue to pursue expansion within the country, where it currently dominates the fast-food landscape.

Jollibee’s global empire currently spans 19 brands with more than 10,000 stores and cafés across 33 countries.

Its wholly owned portfolio includes flagship Jollibee, Chowking, Greenwich, and Tim Ho Wan. It also holds a 70 percent stake in South Korea’s Compose Coffee, an 80 percent stake in The Coffee Bean & Tea Leaf, and a 51 percent interest in Milksha.