Food Concepts the owners of Chicken Republic announced in the papers today that they will be having an Annual General Meeting (AGM) on Thursday May 30, 2013 where they will be expecting their shareholders to approve the allotment of 86,666,667 ordinary shares to the International Finance Corporation (IFC) in fulfillment of their investment deal announced in June 2011.
At the time IFC reported that they had agreed a deal with Food Concepts to invest an estimated $20m in a hybrid of debt ($7million) and Equity ($13million) in the latter. The amount was to assist the company with its expansion plans and help it remain relevant in the highly competitive Quick Service Business.
Chicken Republic their flagship operating arm is currently facing major competition from the likes of Mr Biggs, KFC etc. They also own Butterfield, Pizza Republic and Reeds. Chicken Republic has over 60 branches.
