Corporate Alert: Crescent Star Insurance signs a MoU with Bil Foods (FatBurger)

Crescent Star Insurance a MoU with the management of Bil Foods Ltd., for the acquisition of 100% of the company Bil Foods Ltd., which owns the Master Franchise Rights for Pakistan for American Food Chain  (FatBurger) subject to due diligence.

As per MOU, Mr. Amer Kamal (Sponsor of Bil Foods Limited) will continue to Head the Operations of Bil Foods Limited.

Currently Bil Foods Limited is operating five outlets out of which the Company operates four outlets and one outlet at Amanah Mall, Lahore is under sub franchise arrangement.

Company operated four outlets are situated at:

1) Dolmen Mall Clifton, Karachi

2) Emporium Mall, Lahore

3) M.M. Alam Road, Lahore

4) Centaurus Mall, Islamabad

Upon successful acquisition Bil Foods Limited will become a subsidiary of Crescent Star Insurance Limited with Rights of Fat Burger, while it is other subsidiary Crescent Star Foods (Private) Limited will continue to hold the Franchise rights and operations of other two Brands, GOLDEN CHICK AND BOMBAY CHOWPATTY.

The Company has already announced the merger plan of its subsidiary Crescent Star Foods (Private) Limited with and into PICIC Insurance Limited, subject to all regulatory approvals and merger process to be completed.

The complete statement can be accessed here.