" American fast-food chain Heff’s Burgers in Pakistani marketDated : 01/01/1970, 00:00 AM
KARACHI: American fast-food chain Heff’s Burgers is entering the Pakistan market, with local franchise partner Crescent Star Foods planning to set up 10 stores in the next six years in the country.
A securities filing by Crescent Star Insurance on Wednesday said its foods subsidiary has signed a memorandum of understanding with Texas-based Heff’s Burger Franchising for the proposed agreement for the Pakistan territory to open five stores in three years and an option for another five stores in the subsequent three years.
“The terms and conditions will be governed under a letter of intent to be signed in August,” the company said.
Crescent Star Foods is already setting up as many as 30 Golden Chick restaurants under a master franchise rights agreement with another Texas-based fast-food chain, Golden Franchising Corporation, across Pakistan.
In addition, Crescent Star Foods has also signed a similar agreement with Golden Franchising Corporation to open 42 stores in the United Arab Emirates, Kuwait, Qatar, Oman, Bahrain and Saudi Arabia.
Crescent Star Foods is 100% owned by Crescent Star Insurance, a relatively small insurance company in terms of its gross premiums (Rs266 million)."