Restaurant Brands to seek ASX dual-listing
By Sophie Boot
June 23 (BusinessDesk) - Restaurant Brands, the fast food retailer, plans to dual-list on the Australian Stock Exchange by the end of September.
Ahead of its annual meeting this morning in Auckland, the company announced it will seek a foreign-exempt listing on the ASX this month. The company has expanded into Australia and Hawaii in the past 12 months, and in March changed its corporate structure, splitting into three regional operating divisions.
The company now reports to shareholders from three geographically separate operating divisions: New Zealand, where it runs KFC, Pizza Hut, Carl’s Jr and Starbucks Coffee; Hawaii, where it operates 82 Taco Bell and Pizza Hut stores; and Australia where it operates 42 KFC outlets in New South Wales.
Restaurant Brands also reported its fourth quarter sales in March. They rose 37 percent to $121.6 million, bolstered by gains from its Australian KFC stores. The quarterly gain lifted annual sales 28 percent to $497.2 million.
The shares last traded at $5.96, up 17 percent in the past year.