Golden Harvest Agro to invest in pizza business
Economy
Jubilant Golden Harvest Ltd is going to invest the Tk11 crore to expand its Domino's Pizza franchise business in Bangladesh.
Domino's Pizza entered Bangladesh through a joint venture between Jubilant FoodWorks Ltd (JFL), an Indian food service company, and Golden Harvest QSR Ltd, a part of the Golden Harvest Group. They are operating in Bangladesh under the name, "Jubilant Golden Harvest Ltd."
Golden Harvest Agro Industries, a share-market listed company – which also holds 30 percent share of Golden Harvest QSR – will invest Tk3.30 crore or 30 percent of the total Tk11 crore investment under the name Jubilant Golden Harvest Ltd.
Jubilant FoodWorks is the major shareholder in this joint venture, with a 51 percent share. Golden Harvest has a 49 percent stake.
Nirmal Chandra Sardar, company secretary of Golden Harvest Agro, told The Business Standard that the surge in investment will accelerate business in the local market.
He expects to make a profit of Tk5 crore in the first year.
Domino's Pizza first opened its doors in the capital's Dhanmondi area on March 15. The restaurant is going to open its second pizza outlet in Uttara on October 9.
Founded in 1960, Domino's Pizza has over 15,900 stores in over 85 markets. In 2018, it had global retail sales of over $13.5 billion, with nearly $6.6 billion in the US and more than $6.9 billion in other international markets. More than four lakh people work for this organisation across the world.
On Tuesday, the share price of Golden Harvest Agro dropped 4.84 percent to end the day at Tk29.50.
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