Shareholders back US$1.7b buyout of M'sia KFC franchisees

Shareholders in Malaysia's two main KFC fast food franchisees have overwhelmingly backed a US$1.7 bi…

Shareholders in Malaysia's two main KFC fast food franchisees have overwhelmingly backed a US$1.7 billion bid to take the business private, despite suggestions by some minority shareholders they would try to block the deal.

Shareholders in both QSR Brands Bhd and KFC Holdings (Malaysia) Bhd in meeting on Monday and Tuesday approved what is the largest such deal in Malaysia since the privatisation of pay-TV firm Astro All Asia Network Plc in 2010.

About 98 per cent of shareholders in QSR Brands and around 99 per cent of shareholders in KFC Holdings voted in favour of the deal.

Some minority shareholders earlier told Reuters that the original price offered last December by a consortium, that includes private equity firm CVC Capital Partners, failed to take into account the rapid rise since in the country's retail sector.