Jollibee shares in the Philippines rally after foreign ownership cap scrapped

Foreigners could boost demand for Jollibee’s shares and lift the stock price. - Bloomberg

MANILA: shares of Jollibee Foods Corp. surged the most in over four years on Thursday (Feb 13) after the Philippines’ top restaurant operator secured the bourse’s approval to remove a 40 per cent cap on foreign ownership of the company.

The stock jumped as much as 8.9 per cent, its largest intraday rise since October 2020. It led gainers among large-cap Philippine stocks and outpaced the benchmark index.