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$25 million for
Khoueiri sells majority shares in the eatery
“We have secured a $25 million fund to finance Kababji’s expansion plan in the region and worldwide,” said Toufic Khoueiri, CEO of Kababji. He said that through this deal, he has sold 70 percent of the shares of the company.
The fund called ‘Kababji Investment Company’ was structured by Lucid Investment Corporation, a local financial institution. The company, along with MedSecurities, a subsidiary of BankMed specialized in brokerage and product development services raised the money for the fund.
Negotiations around the deal were initiated in 2012 and completed by mid-2014. “We have a set an expansion plan for the coming seven years, and we are planning to crown it with 300 outlets, worldwide.” Kababji’s expansion will go through the Middle East, the Far East, Europe, and the United States. The local market will also benefit from several outlets.
“We have already started our developments by opening two outlets in Hazmieh and Downtown Beirut. Lucid is planning 48 branches in Dubai and KSA.”
Reported by Rana Freifer
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Nov 18, 2014
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