Speciality Restaurants rallies on JV with Qatar's Al-Mohannadi Group

The company as formed a JV with Al-Mohannadi Group for the purpose of running and operating of restaurants under the brand name 'Mainland China."

Speciality Restaurants has moved higher by over 10% at Rs 134 after the company said it has formed a joint venture with Al-Mohannadi Group for the purpose of running and operating of restaurants in Doha, Qatar under the brand name ‘Mainland China.”

The Al-Mohannadi Group and the company will hold 51% and 49%, respectively of the share capital of the joint venture company, Speciality Restaurants said in a statement.

The stock opened at Rs 123 and touched a high of Rs 136 on the NSE. A combined 562,000 shares have changed hands on the counter so far on the NSE and BSE.