Monday 1st October 2012
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BurgerFuel Worldwide said it has signed a master licence agreement for Kuwait with Al Khayyat Investments (AKI).
AKI already operates five BurgerFuel stores in Dubai in the United Arab Emirates and has another eight sites under construction or scheduled to open next year.
"Burgerfuel is a marquee brand within our F&B (food and beverage) portfolio and we are excited about this new opportunity for us to secure BurgerFuel Kuwait," said AKI food and beverage general manager Farah George Farah.
"We are also reviewing other countries in line with our regional aspirations and possibly extending our territories with BurgerFuel Worldwide in the future," Farah said. His firm has more than $700 million in annual turnover, he said.
BurgerFuel also has stores in Saudi Arabia and Iraq and has master licence agreements in place for Egypt Qatar, Libya and Bahrain.
BurgerFuel shares last traded at $1.07 Sept. 25, down from its May peak at $1.20 but well above 40 cents a year ago. The shares were floated at $1 in 2007.
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