GPI to take a big bite out of Burger King holding
GPI holds a 96percent stake in Burger King and it wants to reduce its holding to a minority stake.
GPI opened its first Burger King restaurant in the country in 2013.
“Shareholders are advised that the company has entered into negotiations in relation to a disposal of a material interest in Burger King SA, which, if successfully concluded, may have a material effect on the price of the company’s securities,” the company said. The Grand Parade shares declined to R3.54 a share yesterday morning from Tuesday’s closing price of R3.80, and closed 3.95 percent lower at R3.65 on the JSE yesterday.
The expected disposal of its stake in Burger King comes after the group reported an improved operational performance in its largest food business by exceeding R1billion in sales.
Source: iol.co.za