Abans PLC clarifies: Local McDonald’s franchisee not under its umbrella

27 March 2024 10:18 pm Views - 10343

In an attempt to set the record straight, Abans PLC today said the local franchisee of the US fast food giant McDonald’s is not a part of its umbrella.

In a filing to the Colombo Stock Exchange (CSE) today, Abans PLC pointed out that the local franchisee of McDonald’s is International Restaurant Systems (Private) Limited incorporated under the Companies Act No.7 of 2007.

The majority shareholder of the said company is Rusi Pestonjee who owns a 98.73% stake in that company, and who is also the Managing Director of Abans PLC.

“International Restaurant Systems (Private) Limited is not a subsidiary nor an associate of Abans PLC or its parent company Abans Retail Holdings (Private) Limited. Due to the said reason, the financials of International Restaurant Systems (Private) Limited are not consolidated with the financials of Abans PLC,” Abans PLC clarified.

Abans PLC said it is providing this information in terms of Section 8 of the Listing Rules of the Colombo Stock Exchange and for purposes of good governance.