Grand Parade Investments in talks to sell stake in Burger King | Fin24
 
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Grand Parade Investments in talks to sell stake in Burger King

Dec 04 2019 09:21

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

burger king  |  grand parade investments
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