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Laser acquires Burger King franchise in Cyprus August 30, 2007

Posted by grhomeboy in Business & Economy, Food Cyprus.

Laser Investments Public Ltd announced the acquisition of 100% of King Franchises Ltd., the Cyprus franchise holders of Burger King Restaurants in a deal valued at 3.6 million euro or CyPounds 2 million through a share issue.

Laser Investments will issue 9,147,246 new shares of nominal value CyPounds 0.035 and current price of 0.40 euro per share to acquire the total capital of King Franchises Ltd. amounting to 1,785,981 shares of nominal value CyPounds 1,00 (1,71 euro) each.
King Franchises Ltd operates five Burger King Restaurants in Cyprus and is planning to open two more by the end of 2008. The agreement is subject to certain approvals that must be secured before its finalization on October 15, 2007 and the EGM approval for the issue of shares.

The acquisition of King Franchises Ltd (Burger King Restaurants) is in line with the Laser’s strategy for a further development in the sector of leisure and food since the company already represents Coffee Beanery of US in Cyprus and Europe. The Board of Directors believes that the acquisition will contribute significantly to the Company’s future profitability due to the business synergies with its existing activities.

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