Companies

McDonald’s local franchisee not under our group – Abans says

Binali
Mar 28 2024
182

Abans PLC says that the local franchisee of McDonald's is not under their group of companies.

In a statement, Abans further said:

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 Mr. 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 financial of International Restaurant Systems (Private) Limited are not consolidated with the financials of Abans PLC.