Jollibee Group lifts foreign ownership limit

Metro Manila, Philippines - The Philippine Stock Exchange (PSE) has approved the request of Jollibee Foods Corp. to amend its foreign ownership from 40 percent to “no limit,” allowing the fast-food giant to take in more foreign investors.

The Jollibee Group made the announcement on Thursday, Feb. 13, through a disclosure.

JFC shares closed at P262.40 on Thursday from the previous traded price of P237, up by 10.72 percent, according to the PSE.

The multinational company said it has amended its primary and secondary purposes under its articles of incorporation, “particularly the removal of the corporation's ability to own, acquire, mortgage, pledge or encumber land and/or any interest therein.”

The Securities and Exchange Commission approved on Nov. 15 the amendment to the secondary purposes.

Under Philippine laws, only Filipinos can own land and corporations that are at least 60 percent Filipino-owned.

Jollibee has at least 15 businesses under its portfolio.

In 2023, it posted revenues of over P244 billion, according to its annual report.