McDonald’s set to sell franchise rights in Malaysia and Singapore
MUMBAI/LONDON/SINGAPORE — MCDONALD’s is in advanced talks to sell Southeast Asia franchise rights to a group of investors including Saudi Arabia’s Reza Group, people with knowledge of the matter said.The sale of 20-year McDonald’s franchise rights in Malaysia and Singapore could fetch more than $400m, one of the people said, asking not to be identified because the details are private.McDonald’s is seeking local partners to run its restaurants in Malaysia and Singapore as it pursues an international turnaround plan put in place after CEO Steve Easterbrook took over in 2015.The Big Mac maker, which has a $97bn market value, is revamping its ownership structure throughout Asia including plans to sell operations in China, Hong Kong and South Korea.The Alireza family, which calls itself one of the oldest trading families in Saudi Arabia, owns and operates a number of McDonald’s restaurants in the western and southern parts of the kingdom through Reza Food Services, according to the compa...
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