Jollibee to sell stake in Vietnam’s Highlands Coffee for $800 million

Jollibee Foods Corp is negotiating to sell 10 percent to 15 percent of its stake in its Vietnamese coffee chain, Highlands Coffee, for around $800 million.

If successful, the stake sale could eventually pave the way for a Highlands Coffee IPO.

Jollibee, the biggest fast-food operator in the Philippines bought a small stake in Highlands Coffee a decade ago before taking a controlling interest.

Jollibee operates the largest food service network in the Philippines with more than 1,500 stores in 17 countries, including US brand Coffee Bean & Tea Leaf and its own fast-food chain.