Not yet. File is still not yet approved by either CCI or SEBI.
Open offer is delayed. I had sought clarification from the IR team and they replied promptly. PFB the reply:
Dear Sir,
The Draft Letter of Offer (“DLOF”) was filed with SEBI on February 4, 2026. The schedule of major activities set out on page 3 of the DLOF is indicative (based on timelines prescribed under the SEBI (SAST) Regulations) and is subject to receipt of the required statutory and other approvals as detailed in paragraph 1 of Part D (Statutory and Other Approvals) of Section VIII (Terms and Conditions of the Offer) of the DLOF.
The required statutory approvals for the open offer are currently under process. Upon receipt of such approvals, the Letter of Offer along with the Form of Acceptance will be dispatched to the public shareholders whose names appear in the register of members of the Target Company and to the beneficial owners of the Equity Shares as per the records of the respective depositories as on the Identified Date. The Letter of Offer will have the revised schedule of major activities including the commencement and closing of tendering period.
All capitalized terms used but not defined herein shall have the meanings ascribed to them in the DLOF.
Thanks & Regards,
Company Secretary Team
Restaurant Brands Asia Limited
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b76053c5-01c2-4b9f-a297-85489a6a55b4.pdf (4.5 MB)
The results look very strong to me. SSG growth appears to be among the best in the peer group, and gross margins have already exceeded management’s guided targets ahead of schedule.
What also stood out was the impairment taken on the Indonesia business. To me, this could indicate that management is finally moving towards an exit from that market — which, if it happens, could become a major trigger for a re-rating of the stock.
Curious to hear what other boarders think.
Disclosure : Invested and Biased
Yes the results look good. I believe that they may not let go of the entire Indonesia business but only part with popeye’s. They are indicating that BK Indonesia is turning around, whereas there is silence on Popeye’s.
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Just wanted to understand - Whether these kind of volumes are due to the open offer window closure and processing of the same?
No, these volumes are not related to the open offer closing. That is a separate window.
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Have you all seen the recent The Ken article, where it questions the necessity of infusing such excess capital (~1,500 Cr), when the requirement is only ~(200-250 Cr) per annum for opening new stores and bottom-line breakeven is expected in next 5-6 quarters?
Your views please.
Can you share the article so that we have some opinion regarding your mention.
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I can just hope that they use these funds to pay off debt, as it will directly hit the bottom line for the company, which can drastically improve the valuation of the company.
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What is the gist of the article anybody?
They dont have much debt. So there will be a lot of net cash available. The way they deploy will be key. Would be happier if they give some proper guidance on the cash and way forward.
Their debt/equity ratio is 2.73, and this screenshot shows that they have 1900 worth of borrowing.
Am I missing something?
Yes. The majority of it is lease liability reporting as borrowing due to IND AS 116 reporting. Basically their upcoming lease payments are to be reported as borrowings.