Burger King Invests over $3 mln in Kazakhstan
Tuesday 5 February 2013
ALMATY (Interfax-Kazakhstan) – Burger King has invested over $3 mln in business development in Kazakhstan since May 2012.
“The fast food market of Kazakhstan is far from being saturated and we are determined to expand our business here. Since May last year, when Burger King entered the Kazakh market, we have opened three food courts and three fast food restaurants, having invested over $3 mln,” the company says in a press release.
This year the company will open a few food courts and restaurants in Astana. Burger King plans to reach the other regions of Kazakhstan too.
Burger King entered Kazakhstan in May 2012. The first restaurant opened in the mega shopping centre Alma-Ata Verny Capital, a Kazakhstan-based investment company, is an official partner of Burger King Corporation in Kazakhstan. The franchise is owned by QSR.
Founding partner of the investment holding Issatayev Timur said that the initiative to bring the brand to Kazakhstan came from their side. Negotiations between the Kazakhs and the brand owner was somewhat delayed because Burger King was restructuring. The network has recently been acquired by investment firm 3G Capital, which decided to delist the securities, and 2011 has been devoted to this challenging problem.
Over a 10-year period starting in 2008, Burger King predicted 80% of its market share would be driven by foreign expansion, particularly in the Asia-Pacific and Indian subcontinent regional markets. While the TPG-lead group continued BK’s international expansion by announcing plans to open new franchise locations in Eastern Europe, Africa and the Middle East, and Brazil, the company plan is focusing on the three largest markets – India, China and Japan.