US-based Golden Franchising Corporation, Crescent Star Foods who is also the recent launching party of the Golden Chick restaurants has come upon an American agreement for opening 42 Gulf stores in the area.
The holding company Crescent Star Insurance now has Golden Chick stores in KSA, UAE, Kuwait, Qatar, Oman as well as Bahrain though it might be small when it comes to yearly Rs 266 million premiums by holding 100% shares in Crescent Star Foods. There are about 1.5 million shares as the stock price increased by 9.2% (Rs 11.80 on Monday per share), while the first Gulf restaurant is going to be opened in 2017.
With the agreement made last August, about 30 outlets shall be opened in the next 10 years in Pakistan’s different cities while returns shall be started from 2017 as well. Hence Burger King, Hardee’s, Johnny Rockets, Fat Burger have recently amped up the fast food market relatively well where according to meat exporter and retailer, Al Shaheer Corporation, 834,000 tons of poultry meat to become one of the top 20 consumers of chicken all over the world.
Crescent Star Insurance has been high on expansion as it invested Rs 50 million in Pak Kuwait Takaful Company in addition to 450 million being invested in Dost Steels besides PICIC Insurance being held at the 1:4 swap ratio too.
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