Jollibee Jumps Most Since 2020 as Foreign Ownership Cap Scrapped
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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%.