Abans PLC has issued a statement clarifying its relationship with the local franchisee of McDonald’s, emphasizing that the franchisee is not part of their group of companies.
In the statement, Abans elaborated:
“The local franchisee of McDonald’s operates under the entity International Restaurant Systems (Private) Limited, which is incorporated under the Companies Act No. 7 of 2007. The majority shareholder of this company is Mr. Rusi Pestonjee, who holds a 98.73% stake and serves as the Managing Director of Abans PLC.
It is important to note that International Restaurant Systems (Private) Limited is neither a subsidiary nor an associate of Abans PLC or its parent company, Abans Retail Holdings (Private) Limited. Consequently, the financials of International Restaurant Systems (Private) Limited are not consolidated with those of Abans PLC.”
Source – bizenglish.adaderana.lk
