OAO Rosinter Restaurants Holding (ROST) rose the most in more than seven weeks after RBC Daily reported McDonald’s Corp. (MCD:US) gave the food company the first franchise to open the U.S. brand’s fast-food restaurants in Russia.
The shares rose as much as 26 percent, the most since Feb. 8, to 215 rubles and traded at 210.90 rubles as of 4:34 p.m. in Moscow, the highest since Sept. 15.
Rosinter received rights under an agreement through April 2023 to operate McDonald’s restaurants in Moscow’s three international airports and St. Petersburg’s Pulkovo airport, the newspaper reported, citing documents filed with Russia’s patents service.
The Russian company, which also runs brands in Russia including T.G.I. Friday’s and Costa Coffee, will also be able to open the stores in a number of Moscow and St. Petersburg railroad stations, according to RBC Daily.
To contact the reporters on this story: Ilya Khrennikov in Moscow at email@example.com; Scott Rose in Moscow at firstname.lastname@example.org
To contact the editor responsible for this story: John Viljoen at email@example.com