BIZ
McDonald’s local franchisee not under our group – Abans
Abans PLC has stated that the local franchisee of McDonald’s is not under their group of companies.
The company had made the clarification in a letter to the Colombo Stock Market.
The letter notes 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 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 financials of International Restaurant Systems (Private) Limited are not consolidated with the financials of Abans PLC,” the letter adds.
The letter is as follows :
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