Burger King Malaysia and Singapore has a new owner after previous franchisor Ekuinas sold out for US$18 million.
Ekuiti Nasional Bhd (Ekuinas) has sold the operation to Newscape Capital (Newscape) with the agreement of BK Asiapac Pte Ltd, the master franchisor of the Burger King brand in the Asia Pacific region.
Newscape is an investment company run by experienced retail operators Chua Tia Guan and Lee Thiam Wah. It successfully acquired the rights to Burger King in the two markets after a previous bid by Brahim’s Holdings Bhd was rejected by BK Asiapac in February.
Abdul Rahman Ahmad, Ekuinas CEO, said the sale would place the Burger King brand with a franchisee with the financial strength and operational expertise to expand the brand’s operations.
“This exercise has also enabled Ekuinas to successfully complete the restructuring of its F&B portfolio involving our exit from the Quick Service Restaurant (QSR) segment to fully focus and expand on the core Casual Dining and Beverage segments with brands such as Tony Roma’s, Manhattan Fish Market, New York Steak Shack, Coolblog and San Francisco Coffee,” he said in a statement.
BK Asiapac president David Shear commended Ekuinas’ four year partnership and said the company looked forward to the opportunities working with Newscape.