The Burger King franchise for Singapore and Malaysia has changed hands for approximately US$30 million.
Malaysian investors Brahim’s Holdings and Quantm Angel have joined together to buy the franchise from Ekuiti Nasional for 95 million RMB in cash, according to The Edge newspaper.
“Brahim’s as the main driver of the proposed acquisition, together with Quantum Angel, intend to incorporate a special purpose vehicle (SPV), where [Brahim’s] or its nominee will hold up to 80 per cent in the SPV and will seek to have management and board control of the SPV, while Quantum Angel will hold the remaining 20 per cent,” said Brahim’s in a statement.
The purchase will be funded by a capital injection.
According to The Edge, Quantum Angel is 50 per cent owned by Datuk Ahmad Zaki Zahid and 50 per cent owned by Brothers Investment Group.