Shares in fast food chain Jollibee surged by over 14% on Tuesday, its largest jump since 2008, after it announced that it would split its domestic and overseas businesses. The company also hopes to list its international arm in the U.S. by late 2027. Jollibee shares, which trade in the Philippines, rose by an additional 7.6% on Wednesday.
In a statement filed to the Philippine Stock Exchange, Jollibee said the splitting of its two business arms will sharpen the strategic focus of each, allowing investors to differentiate between its “stable, cash-generative Philippine business” and its “higher-growth but more volatile international operations”.
Jollibee dominates the Filipino fast food market. In addition to its flagship fried chicken Jollibee, it also operates other brands like barbecue chain Mang Inasal and Chinese chain Chowking, as well as the local franchise for foreign brands like Burger King.
Yet the Filipino food chain is now setting its sights on becoming a global powerhouse, competing with the likes of McDonald’s and Yum Brands. Jollibee opened its first international store in Singapore in 1985, and its first U.S. store in 1998 in Daly City, California, where there was a large Filipino-American population. It has since expanded to 81 stores across fifteen states, including Texas, Florida, Nevada, New York and Washington, adding to a global footprint across Asia, North America, the Middle East, and Oceania.
