Grand Parade surges on Burger King newsComment on this story
Shares in Grand Parade Investments (GPL) jumped over 4% on Thursday after it announced it intended to bring the world’s second-biggest hamburger chain‚ Burger King‚ to SA.
At 11.19am‚ shares gained 4.86% to R3.45 from its previous close of R3.29 on Wednesday.
Shares have gained almost 50% over the past 12 months and is currently at its highest level since late 2007.
Earlier‚ Grand Parade announced it had entered into a joint venture with some of the subsidiaries of Burger King Worldwide to form Burger King SA.
“The joint venture is in line with GPI’s strategy of entering the quick service restaurant market where the Company is able to capitalise on its experience in the management of outlet driven businesses such as its limited payout machine business‚” Grand Parade said in a note.
It was expected to open Burger King restaurants by the first half of 2013. - I-Net Bridge