Matoyee Enterprises Inc., a wholly-owned subsidiary of iNsu Innovations Group Inc. and franchiser of quick-service restaurants across Canada, has entered into a five years, with an option to renew for a further five years, master franchise agreement with Amsa Franchise (Canada) FZCO of Saudi Arabia to operate and sub-franchise retail restaurant outlets under the banners of Caferama, Sukiyaki and La Cremiere throughout the Middle East.
The agreement, signed with businessmen Saoud Koraitem and Amer Abdulwahab, is applicable for Jeddah, Riyadh, Khobar and Dharan of Saudi Arabia; Cairo and Sharm El Sheikh in Egypt; Dubai, Sharja and Abu Dhabi in the United Arab Emirates (UAE); Bahrain and Lebanon.
The agreement calls for the opening of a minimum five units within the next two years period, and 10 units within the next five years, and also calls for the payment to Matoyee of master franchise fee, franchise fee, renewal fee, royalties fee at various rates, terms and conditions, as well as reimbursements of all costs to train the staff of Master Franchisee.
iNsu Innovations Group Inc. has completed the sale of its computer and technology division, Gold-Tech Computer Systems Ltd.. Reflecting the management's decision to concentrate on the restaurant and franchising business, the company is also in the process of changing its present name to MTY Food Group Inc.
MTY Group was founded in 1979 in Canada. The company established a chain of quick service restaurants with over 225 outlets across Canada, from Nova Scotia to British Columbia, operating under nine prestigious banners. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
