Jardine Matheson Holdings Limited (J36) said on Sep, 30 2026 that its subsidiary DFI Retail Group Holdings Limited (D01) has signed a conditional sale-and-purchase agreement with Hong Kong-based Maxim’s Caterers Limited to reorganise their respective stakes in Maxim’s.

Under the agreement, DFI will acquire Maxim’s entire interest in a Starbucks licensed business that operates more than 1,100 coffeehouses across Thailand, Hong Kong SAR, Singapore, Vietnam, Cambodia, Macau SAR and Laos. In return, Maxim’s will repurchase the 50% equity it previously sold to DFI.

The consideration comprises the transfer of the Starbucks operations plus about 460 million Singapore dollars in cash, subject to customary closing adjustments.

Completion is contingent on regulatory clearances, third-party consents and the separation of the Starbucks assets, and is expected by Mar, 31 2027, with a possible extension to Jun, 30 2027.

The Starbucks unit generated revenue of roughly 1.0 billion Singapore dollars in 2025 with a 7.0% operating margin. DFI expects the business to add around 820–890 million Singapore dollars to revenue between Apr and Dec 2027 and about 1.2 billion Singapore dollars on a full-year basis in 2028, targeting a mid-term operating margin of 8–9%.

DFI will receive the cash component of the consideration at closing, bolstering its balance sheet. The group has lifted its 2027 dividend payout ratio to 80% and reaffirmed 2028 underlying profit guidance of 420–480 million Singapore dollars.

Because Maxim’s is an associate of Jardine Matheson through DFI’s previous 50% stake, the deal is classified as a material related-party transaction under the UK Disclosure Guidance and Transparency Rules.