Jollibee sells majority stake in Highlands Coffee in Vietnam
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What happened
Jollibee's subsidiary signed an agreement to sell nearly 1.5 million shares in SF Vung Tau Joint Stock Company to Viet Thai International. This transaction was valued at US$88 million, based on which Highlands Coffee's equity value is estimated at $800 million. Following the sale, Jollibee's ownership stake in the company will decrease from 60 percent to 49 percent, while Viet Thai International's ownership will rise from 40 percent to 51 percent, making it the controlling shareholder.
From news.tuoitre.vn
Why it matters
The transaction allows Viet Thai International, which was founded by David Thai in 1998 and remains CEO, to gain control of Highlands Coffee. Jollibee expects to use the $88 million in proceeds to reduce debt, reinvest in other growth businesses, and make distributions to shareholders.
From news.tuoitre.vn
Who's involved
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The entities involved
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Jollibee
Filipino multinational chain of fast food restaurants
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Philippines
archipelagic country in Southeast Asia
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Vietnam
country in Southeast Asia
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