, the biggest fast-food operator in the Philippines, is in advanced discussions to sell a minority stake in its Vietnamese coffee chain Highlands Coffee, two sources with knowledge of the matter told Reuters.
The group is looking to sell 10% to 15% of its stake in Highlands Coffee to an investor, the source added, declining to name the party. Jollibee initially bought a small stake in Highlands Coffee a decade ago and then took a controlling interest. Highlands Coffee, which was established in 1999, began as a coffee products packager in Hanoi and has since grown to become a chain with more than 500 stores in Vietnam and the Philippines.
Vietnam, with a population of 99 million, is Asia’s fastest growing economy with gross domestic product seen expanding 8% this year and 6.5% next year, theA boom in coffee drinking has spawned big domestic brands in Southeast Asia. Last year, Indonesian coffee chain Kopi Kenangan was valued at more than $1 billion in a funding exercise.
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