Herfy Food Services Co. signed a non-binding memorandum of understanding (MoU) with EatRite Food Services, granting it franchise rights to open 50 Herfy restaurant branches in Nigeria, the company said in a statement to Tadawul today, March 1, 2021.
The period of the MoU is 90 days. Herfy plans to open new branches in Nigeria over 10 years, with an average of five branches every year starting 2021.
The agreement is in line with Herfy’s plans to grow internationally, in accordance with the Vision 2030. The firm is also looking to ensure presence in the Far East, GCC countries and Africa.
The financial impact of the announcement cannot be determined at this stage, the statement said, adding that there are no related parties.