Philippine bourse lifts Jollibee’s foreign ownership limit
It was previously set at 40%.
The Philippine Stock Exchange has approved the request of Jollibee Foods Corporation to amend its Foreign Ownership Limit from 40% to no limit.
The move follows the amendments Jollibee made to its primary and secondary purposes under its Articles of Incorporation, particularly the removal of its ability to own, acquire, mortgage, pledge or encumber land and/or any interest therein.
This move means Jollibee can now accommodate more foreign investment in the company.
Under Philippine law, foreign ownership is limited to 40% whilst 60% is reserved for Filipino citizens.
Jollibee has been expanding steadily internationally. It recently opened its 200th restaurant in Vietnam. The brand has also been making multiple acquisitions such as Compose Coffee and franchising Tiong Bahru Bakery.
