Burger King Corp. (NYSE:BKC) announced today that it has awarded development rights in Colombia for the cities of Medellin and Cali to the Medellin-franchisee group, KINCO S.A. The first BURGER KING® restaurant is expected to open during the first half of 2008 in Medellin. Additional restaurant openings in Medellin and Cali are scheduled during the next two years.
“Colombia is a key market for the continued growth of the BURGER KING® brand in Latin America, and is an important piece of the company’s global development strategy,” stated Armando Jacomino, president, Latin America, Burger King Corp.
Burger King currently enjoys a strong consumer following throughout Latin America with a presence in 26 countries across the region and 14 years of positive comparative sales growth. During fiscal 2007, the Latin America region added a net 95 restaurants for a total of 903 restaurants, up 12 percent from fiscal 2006. The company expects to reach the 1,000 restaurant milestone in fiscal 2008.