Chanticleer Holdings agreed to sell its five Hooters locations in South Africa, the company said in a press release issued Tuesday.

Chanticleer sees net proceeds of about $360,000 from the properties at a purchase price of $1.07 million.

The company expects the deal to boosts its net working capital by approximately $750,000-$900,000. Chanticleer will keep a 50% stake in the gaming side of the business.

The deal will also alleviate some financial reporting complexities associated with foreign currency translation, according to Patrick Harkleroad, Chanticleer’s chief financial officer.

“The monetization of this asset will lead to improved operational efficiencies as we focus on our core better burger operations,” Harkleroad said in a press release.

The Charlotte-based company owns, operates and franchises multiple restaurants including American Burger Company, Burgers Grilled Right and Hooters.

The deal is expected to close by the end of September. Shares of Chanticleer traded at 54 cents on Tuesday.