The fastfood 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 ability to own, acquire or mortgage land.
Shares of Jollibee Foods surged the most in over four 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 jumped as much as 8.9%, its largest intraday rise since October 2020. It led gainers among large-cap Philippine stocks and outpaced the benchmark index.
