GABORONE, Nov 7 (Reuters) - KFC Botswana will come out of liquidation after a joint venture between Shell Fuel distributors, Vivo Energy Botswana and South African KFC franchise operator Baobab Khulisani agreed to buy the fast food chain.
KFC Botswana, whose portfolio includes 12 stores, was placed under liquidation in June 2016 after the company failed to pay debts owed to banks, suppliers and franchise holder Yum Brands .
The joint venture will run the franchise through a newly formed company, Baobab Energy Botswana.
“Baobab Energy Botswana plans to invest to grow the KFC business in Botswana and will both refresh and improve current KFC restaurants and look to open new ones, including adding more restaurants to Shell service stations,” Vivo Energy Botswana managing director Wayne Kingwill said in a statement. Completion of the transaction is subject to legal agreements and regulatory approvals. The companies did not reveal financial details of the transaction. (Writing by TJ Strydom; Editing by Ed Stoddard)