Grand Parade to sell Burger King franchise to one of Africa’s largest private equity firms, here’s why…

PUBLISHED: Wed, 19 Feb 2020 08:15:36 GMT

By Nqobile Dludla

JOHANNESBURG, Feb 19 (Reuters) – Grand Parade Investments (GPI) Ltd said on Wednesday it is selling the Burger King South Africa franchise and a related burger-making plant to private equity firm ECP Africa Fund for 697 million rand ($47 million).

The announcement sent shares in GPI up 9.09% to 3.60 rand, their highest level since Dec. 11.

ECP Africa said that despite a difficult economic climate, it could double the number of Burger King outlets across South Africa in the next five years.

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