Restaurant Brands (ASX:RBD) has today announced plans to open Taco Bell restaurants in Australia and New Zealand.
More than 60 new Taco Bell restaurants will be built in New Zealand and Australia between 2019 to 2024.
Development agreements will provide Restaurant Brands with the right of first offer in relation to the establishment of the new restaurants across the relevant locations.
The building of the stores will be funded from internally generated cash flows.
Restaurant Brands currently owns and operates 36 Taco Bell stores in Guam and Hawaii that contributed $19.4 million to group earnings in FY18.
The company says bringing Taco Bell to this part of the world aligns with its strategy of focusing on global tier one brands in markets we understand.
Shares in Restaurant Brands (ASX:RBD) are flat at $7.33.