Superfoods, owner of Pho 24 and Highlands, to go public by 2019

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The Philippines’ fast-food giant Jollibee said on Monday that it has inked an agreement with its Vietnamese partner to list their joint venture company, Superfoods Group, on Vietnam's stock exchange.

Superfoods Group, which owns popular chains Highlands Coffee and Pho 24, plans to go public in Vietnam by July 2019.

“Our fastest growing business in terms of country is Vietnam and this reflects the vibrancy and potential of the economy and the strong performance of our joint venture business,” Chairman Tony Tan Caktiong said in a disclosure to the Philippines Stock Exchange, seen by online newspaper Philstar Global.

Superfoods chief executive Thai Phi Diep said the planned IPO would help the company raise funds to expand Highlands Coffee and Pho 24 in Vietnam as well as in major cities in the world.

The company currently runs 159 Highlands outlets, 33 restaurants of Pho 24 and three Hard Rock Coffee stores.

In 2011, Jollibee partnered with its Vietnamese partner Viet Thai International JSC and formed Superfoods to operate a portfolio of restaurants in Vietnam, Hong Kong, Macau and southern China.

Jollibee is expected to own a 60 percent stake of the joint venture post-IPO.

The agreement also calls for Jollibee to extend a $30 million loan to Viet Thai.

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