Jollibee Foods Corporation (PSE:JFC) is in advanced discussions to sell a minority stake in Viet Thai International Joint Stock Company (Highlands Coffee), two sources with knowledge of the matter told Reuters. Jollibee, controlled by Philippine billionaire Tony Tan Caktiong, is considering a sale that could value the fast growing coffee chain at roughly $800 million, one of the sources said, declining to be named as the information is confidential. 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 declined to comment. Highlands Coffee did not respond to Reuters requests seeking comment on December 6, 2022. The sources said the stake sale, if successful, could eventually pave the way for an IPO of Highlands Coffee, a move that Jollibee has been considering since many years.