The agreement involved PHC’s acquisition of the Pizza Hut business in Thailand from Yum. The board of Thoresen on February 3 passed a resolution approving PHC’s entering this acquisition agreement.
PHC had been expected to commence the operation of Pizza Hut restaurants in Thailand at the end of the second quarter of 2017 subject to completion of the deal. However, Thoresen informed the Stock Exchange of Thailand last week that Yum had fulfilled all requirements in conditions precedent of the deal.