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SINGAPORE : Burger King Singapore on Friday said it has reached an agreement to acquire 35 restaurants in Singapore from franchisee Bon-Food.
This represents the bulk of the 40 Burger King restaurants that Bon-Food currently operates.
According to a stock exchange filing by Bon-Food's holding company Bonvests, the restaurants are to be sold for up to S$19 million.
After the transaction is completed on February 1, Burger King Singapore will operate a total of 39 Burger King restaurants, as well as the Whopper Bar restaurant at Clarke Quay.
President of Burger King Asia Pacific, Peter Tan, said the US fast food chain is committed to strengthening its brand presence on a global scale and is well-positioned for continued growth in Singapore.
He added that the acquisition will diversify Burger King's global company restaurant portfolio, and establishes Singapore as a strong company market.
Bon-Food has been a Burger King franchisee in Singapore since 1983 when it opened the first Burger King restaurant at Holland Village. - CNA/ms
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