Raydan hires advisors to improve performance

Raydan Restaurants and Cuisines Co. signed on October 17 a memorandum of understanding (MoU) with Abdulraouf Manna (ARF) and KPMG for strategic advisory work, the company said in a bourse statement on Thursday.

Another preliminary agreement was also inked with Kantar TNS to conduct marketing studies.

The target studies aim to improve working environment at the company and enhance its financial and administrative performance.

Under the MoU, which has a duration of six weeks, the consultants will develop a general and strategic plan for the company, with a special focus on the optimum business methods and geographical expansion plans, Raydan added.

Financial and operational plan will be also prepared for the period from 2018 to 2022.

Guidelines will be set for the company to maintain its operations and product high quality, with an update of the management authorities in compliance with the rules set by the Capital Market Authority (CMA).

The outcomes will be announced by mid-November following the approval of Raydan's board of directors, the statement said.