JARDINE MATHESON RESTRUCTURES STARBUCKS PORTFOLIO IN SOUTHEAST ASIA – VIETNAM INCLUDED IN TRANSFER

JARDINE MATHESON RESTRUCTURES STARBUCKS PORTFOLIO IN SOUTHEAST ASIA – VIETNAM INCLUDED IN TRANSFER

A notable transaction has just occurred within the Jardine Matheson ecosystem – a long-established investment group in Asia with a significant presence in Vietnam through THACO, REE, Hongkong Land, Jardine Schindler, and various other sectors.

On September 30, 2026, DFI Retail Group announced it would acquire all existing interests of Maxim's Caterers in the licensed Starbucks operations across 7 markets, including Hong Kong, Macau, Singapore, Thailand, Vietnam, Cambodia, and Laos.

The transferred portfolio includes over 1,100 Starbucks stores in the region.

According to the announced transaction structure, Hongkong Caterers will become the sole shareholder of Maxim's Caterers Limited and will continue to operate over 1,000 restaurants and bakeries in various Asian markets. Concurrently, DFI will receive approximately USD 340 million in cash from Maxim's.

The transaction is expected to be completed by the end of Q1 2027, after all necessary conditions and procedures are met.

Jardine Matheson and its Investment Footprint in Vietnam

DFI Retail Group, formerly Dairy Farm International, is a member of the Jardine Matheson ecosystem.

Notably, Jardine Cycle & Carriage – Jardine Matheson's key investment arm in Southeast Asia – has also been renamed Jardine Matheson Southeast Asia, more clearly reflecting the group's regional investment strategy.

In Vietnam, through this entity, Jardine Matheson currently owns approximately:

• 26.7% of THACO;
• 41.7% of REE;
• and was previously a major shareholder of Vinamilk.

In the first 6 months of 2026, investments in Vietnam generated approximately USD 43 million in profit for Jardine Cycle & Carriage, an increase of 21% compared to the same period last year.

THACO and REE alone contributed approximately USD 39 million, up 47% year-on-year.

More Than Just Financial Investment

Jardine Matheson's presence in Vietnam also extends across various sectors.

In real estate, Hongkong Land is a developer or partner in numerous high-end projects, including The Nassim and projects in the Thu Thiem area.

In the construction equipment sector, Jardine Schindler supplies elevator and escalator systems for many large projects.

In the F&B sector, the Jardine ecosystem is involved in the operations of KFC, Pizza Hut, and Starbucks in Vietnam through various investment, joint venture, and franchising structures.

Insights from the Transaction

The notable aspect of this transaction is not just the scale of over 1,100 Starbucks stores.

From a corporate structure perspective, it is also a prime example of a multinational corporation restructuring its investment portfolio within its internal ecosystem, reallocating ownership of specific asset groups and business segments.

For similar cross-border transactions involving operations in multiple countries, companies typically need to simultaneously consider:

• the ownership structure and control rights post-transaction;
• franchise agreements, licensing, and related commercial rights;
• closing conditions and necessary approvals in each market;
• competition, investment, and corporate governance issues;
• the transfer of contracts, personnel, assets, and rights related to business operations.

As Vietnam increasingly becomes a crucial link in the Southeast Asian strategy of international corporations, transactions like Jardine – DFI – Maxim's also demonstrate that cross-border M&A and restructuring not only occur at the parent company level but can directly impact the operational structure of global brands in the Vietnamese market.