Dunkin' Brands Inc (DNKN.O) has signed a master franchise agreement with Grand Parade Investments Ltd to open its first Dunkin' Donuts and Baskin-Robbins restaurants in South Africa.
The company said Grand Parade would develop more than 250 Dunkin' Donuts and 70 Baskin-Robbins outlets in the country over the coming years, with a focus on Cape Town and Johannesburg.
Grand Parade will also work to launch Baskin-Robbins ice cream products at supermarket chains and convenience stores in South Africa over several years, the company said.
Dunkin' Brands has more than 11,500 Dunkin' Donuts restaurants in 40 countries and about 7,600 Baskin-Robbins outlets in nearly 50 countries.
The company's shares were up 2.5 percent at $38.76 in late morning trading on Thursday.
(Reporting by Ramkumar Iyer in Bengaluru; Editing by Ted Kerr)