Jollibee Foods Corporation said its subsidiary JSF Investments has signed an agreement to sell an 11% stake in SF Vung Tau, which holds Highlands Coffee’s Vietnam operations, to David Thai-founded Viet Thai International (VTI). The agreed value is VND 2.3 trillion, subject to adjustments.
The sale still requires regulatory and shareholder approval. If completed, VTI’s stake is expected to rise from 40% to 51%, while Jollibee would retain 49% and transfer control to David Thai’s side. Signing the agreement does not mean the sale has closed or control has already changed hands.