June 27, 2019 / 5:15 PM / 5 months ago

UPDATE 1-South Africa's Grand Parade appoints acting CEO as new head

(Adds disposal of stake in Spur)

JOHANNESBURG, June 27 (Reuters) - South Africa’s Grand Parade Investments (GPI) Ltd has appointed acting chief executive officer Mohsin Tajbhai as the new head with effect from July 1, it said on Thursday.

Tajbhai was first appointed as an executive director in November 2018 and has served as acting CEO since Jan. 1, following the resignation of Prabashinee Moodley in December 2018.

He started his career at GPI as chief operating officer (COO) of manufacturing and properties and progressed to group COO.

Moodley had stepped down from her position due to the market sentiment towards the Quick Service Restaurant Industry, according to a GPI statement. She was the second CEO to resign from GPI in 2018.

The company, which runs the Burger King chain of fast-food restaurants in South Africa, announced in a separate statement it would dispose of 10.8 million shares in restaurant franchise group Spur Corporation Limited in a share buy-back deal worth 260.4 million rand ($18.4 million).

GPI bought the shares in 2014 as part of a broad-based black economic empowerment transaction. The deal included a lock-in period of five years in which GPI was restricted from trading in Spur shares.

Following the transaction, the repurchased shares will be cancelled, Spur said in a separate statement.

Proceeds from the disposal will be used to reduce GPI’s debt. ($1 = 14.1488 rand) (Reporting By Naledi Mashishi; editing by David Evans)

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