Jollibee Jumps Most Since 2020 as Foreign Ownership Cap Scrapped

Shares of Jollibee Foods Corp. surged the most in nearly five years on Thursday after the Philippines’ top restaurant operator secured the bourse’s approval to remove a 40% cap on foreign ownership of the company.

The stock ended 11% higher to post its biggest single-day rise since April 2020. It led gainers among large-cap Philippine stocks and outpaced the benchmark index, which rose 1.1%.

The fast-food chain, known for dishes like fried chicken and sweet spaghetti, said the Philippine Stock Exchange has approved its request which is in line with changes in its articles of incorporation that removes its ...