JCorp and CVC reportedly explore sale of QSR's KFC and Pizza Hut operations
The reported asking price is around RM4 billion. Discussions remain preliminary, with no certainty that a transaction will follow.
Buyers are reportedly being sought by Johor Corporation (JCorp) and CVC Capital Partners for the restaurant operations of QSR Brands (M) Holdings Bhd, which runs KFC and Pizza Hut outlets. A financial portal, citing sources, put the asking price at around RM4 billion.
Citi is overseeing the process, the portal reported, with foreign investors including those from West Asia identified as possible buyers. Several parties have shown interest, but negotiations are preliminary and a transaction is not assured. One prospective buyer reportedly dropped out after considering the valuation too high.
JCorp stopped short of confirming or rejecting the reported sale plans. Hasnina Hafiz, its group senior general manager of corporate communications, said QSR Brands remained important to the investment portfolio and that any material developments would be announced through appropriate channels. Neither CVC nor Citi offered further comment.
Control of QSR Brands rests with JCorp, CVC and the Employees Provident Fund through Massive Equity Sdn Bhd, its sole owner. JCorp's stake in Massive Equity is 55.63 per cent.
QSR Brands' website lists a regional network exceeding 850 KFC restaurants and 500 Pizza Hut outlets. The KFC business covers Malaysia, Singapore, Brunei and Cambodia; Pizza Hut operations cover Malaysia and Singapore.
In June, JCorp reported that QSR Brands generated RM3.85 billion in revenue for the financial year ended 31 December 2025, a rise of 19 per cent. It said the business had returned to profit following operational improvements and tighter cost controls, but did not disclose the profit figure.
