The company said on Thursday its subsidiary, Utish Investments, entered into a joint venture with units of Burger King Worldwide to form Burger King South Africa.
Moneyweb reported on Thursday the deal was dependent on the approval of the South African Reserve Bank with certain subsidiaries of Burger King Worldwide.
The joint venture would be called Burger King South Africa, which would hold the master franchise in the country.
The website said Grand Parade Investments would have a majority shareholding in the joint venture, which would be funded from existing cash resources and new debt. – Additional reporting by Reuters