Kuwaits Kharafi Group is undergoing a restructuring process following the death in April of the conglomerates popular chairman, the companys vice chairman, and likely successor, said.
“”We are working on the restructuring of the company,”" said vice chairman Bader Nasser Al Kharafi, son of the deceased chairman Nasser Al Kharafi, who died in Egypt in April. The late chairmans influence on Kuwait society was indicated when shares in companies the conglomerate has stakes in took a sharp drop immediately after his death.
Kharafi Group has an annual turnover of more than $5 billion and operates in more than 25 countries worldwide. Its subsidiary, Kuwait Food Company or Americana, holds the Middle East franchises for Pizza Hut, KFC and TGI Fridays, among others.
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