File: The entrance of a Burger King store. AFP/Thomas Samson
JOHANNESBURG - The Competition Tribunal has given the go-ahead for the sale of the SA franchise Burger King, on condition that it will allow foreign investment worth about R470-million to flow into the country.
Other conditions to the sale are not specified.
However, in August, Grand Parade Investments and the US private equity fund ECP Africa Fund had agreed to increase jobs by 1,250, place a moratorium on job cuts and spend hundreds of millions buying from local suppliers.
It also pledged to create a workers' trust of 5 percent BEE ownership.
The deal has been closely watched as investors try to gauge authorities’ attitudes to foreign direct investment.