The management of Crescent Star Insurance Limited (CSIL) has signed a Memorandum of Understanding (MoU) with the management of Bil Foods Limited (BFL) an unlisted public company, for the acquisition of 100 percent of the Company BFL, which owns the Master Franchise Rights for Pakistan for American Food Chain "Fat Burger" subject to due diligence. "This may lead onwards to merger of BFL with and into Crescent Star Foods (Private) Limited", material information sent to Pakistan Stock Exchange on Wednesday said.
As per MoU, Amer Kamal (Sponsor of BFL) will continue as Head of the Operations of BFL. Currently BFL is operating five outlets, out of them the Company operates four outlets and one outlet at Amanah Mall, Lahore is under sub franchise arrangement. The Company operated four outlets are situated at Dolmen Mall Clifton, Karachi; Emporium Mall, Lahore; M M Alam Road, Lahore and Centaurus Mall, Islamabad. Upon successful acquisition, BFL will become a subsidiary of Crescent Star Insurance Limited with Rights of Fat Burger, while it is other subsidiary Crescent Star Foods (Pvt) Ltd will continue to hold the Franchise rights and operations of other two brands, Golden Chick and Bombay Chowpatty.
The Company has already announced the merger plan of its subsidiary Crescent Star Foods (Pvt) Ltd with and into PICIC Insurance Limited, subject to all regulatory approvals and merger process to be completed.
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