Serious McDonald's Spore and Msia sold to Saudi Arabia company

[ginfreely]

Fri Dec 2, 2016 | 8:47 AM EST
McDonald's sells Singapore, Malaysian franchise to Saudi group

Dec 2 (Reuters) - McDonald's Corp said on Friday it had sold the franchise rights for its restaurants in Singapore and Malaysia to Saudi Arabia's Lionhorn Pte Ltd as part of a plan to move away from direct ownership in Asia.

The fast-food chain said it transferred its ownership interest in 390 restaurants, more than 80 percent of which were company-owned, on Dec. 1 to Lionhorn.

Lionhorn is led by Sheik Fahd and Abdulrahman Alireza, who are franchisees for nearly 100 McDonald's restaurants in the western and southern regions of Saudi Arabia.

McDonald's did not disclose the financial terms of the deal.

Reuters reported in October that McDonald's was nearing a deal worth up to $400 million to franchise the outlets to Reza group, which also owns and operates McDonald's outlets in the western and southern regions of Saudi Arabia.

The Lionhorn deal is in line with McDonald's plans to bring in partners in Asia as it switches to a less capital-intensive franchise model.

The company said it has now franchised about 1,300 outlets as a part of its target to become 95 percent franchised by the end of 2018. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Savio D'Souza)

 

[garlic]

Temasek and GIC passed up on a cash cow..

 

[Narong Wongwan]

Sorry doesn't the local rights already belonged to some hk owner?
The report says the owner is MacD corp?

Ragheads are reason to boycott if you have not already.

 

[ginfreely]

Cottonmouth male SLUT and his mudlander SLUT mother wife daughters love to be fucked by anyone and everyone!

 

[ginfreely]

Sorry doesn't the local rights already belonged to some hk owner?
The report says the owner is MacD corp?

Ragheads are reason to boycott if you have not already.

No mention of HK owner in this July 2016 news.

http://www.straitstimes.com/singapo...hise-sold-a-history-of-the-golden-arches-here

"The first McDonald's opened at Liat Towers in 1979. It claims to have set the world record for the highest volume of hamburgers served in a single day.

The franchise was brought in by former national water polo player Robert Kwan through McDonald's Restaurants Pte Ltd, a joint venture he set up with McDonald's parent company.

He first walked into a McDonald's outlet in 1975 on a driving trip to Las Vegas and became hooked on its burgers.

His first attempt to get a franchise in Singapore failed. But the Chicago-based corporation became interested in bringing its food here in 1977 and signed an agreement with Mr Kwan the following year.

In 2003, Mr Kwan sold his stake, believed to be 10 per cent, which meant that McDonald's Singapore became wholly owned by the head office."

 

[cocobobo]

I hope they start selling hummus and shawarma too