A branch of Raydan Food
Raydan Food Co. signed on Sept. 29, a franchise contract with Al-Raya Restaurants Co. Ltd. in Egypt to transform the units of its subsidiary into franchise branches.
The company said in a bourse statement that the contract value amounted to EGP 7 million (SAR 1.7 million), inclusive of the franchise fees of EGP 500,000 (SAR 119,400) to be paid in lump sum and EGP 800,000 (SAR 191,000) as franchise revenue for the first year of the contract and the value of the assets owned by the subsidiary.
The 10-year contract is renewable and will have a positive impact on the company’s financials for Q4 2021.
There are no related parties to the contract, the statement added.
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