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Grand Parade Investments [JSE: GPL], which owns the SA franchise of Burger King, announced on Wednesday morning that it has entered into negotiations to sell its interest in the US multinational fast food chain.
In a short note to clients, the investment holding company did not say who the interested party was.
"Shareholders are advised to exercise caution when dealing in the company’s securities until a full announcement is made," it said.
In his chairman's report at GPI's recent AGM, outgoing non-executive chair Hassen Adams indicated that it is continuing to negotiate the partial sale of Burger King.
"It is our intention to retain a non-operational minority interest in the business. This allows us to enter the phase where GPI migrates towards a pure investment company," the report stated.
In February this year, GPI announced that it was exiting its struggling SA outlets of US chains Dunkin' Donuts and Baskin-Robbins.
- Compiled by Jan Cronje and Carin Smith
