Burger King Worldwide has announced the sale of 41 company-owned Burger King restaurants in Singapore to Rancak Selera Sdn Bhd (Rancak Selera), part of Ekuiti Nasional Berhad's (Ekuinas) portfolio of companies and the current BK franchisee in Malaysia.
As part of the transaction, BKW and Rancak Selera have entered into Master Franchise and Development Agreements to further develop the brand in both Malaysia and Singapore throughout the next 20 years.
Under the transaction, Rancak Selera has acquired a 100-percent stake in Burger King Singapore Pte Ltd (BK Singapore). Additionally, Rancak Selera will commit substantial capital to help expand the brand in Singapore and Malaysia.
Since opening its first Burger King restaurant in Malaysia in 1997, Rancak Selera has grown the brand's presence in the country to 32 outlets.
"Over the last year, Rancak Selera has proven to be a strong operator with a passion for delivering great-tasting, high-quality food. We are pleased with this new phase in our relationship and believe that they have the capacity to aggressively expand the Burger King brand presence in these two key markets," said Elias Diaz-Sese, president, Burger King Asia Pacific.
Singapore's food and beverage market is currently SGD9.01 billion (RM22.6 billion) and growing, according to Dato' Abdul Rahman Ahmad, chief executive officer, Ekuiti Nasional Berhad, and director Rancak Selera Sdn Bhd.
"We believe that this is a great platform for our company's venture into the fast food business. We are very honored that BKW has agreed to accord us the status of Master Franchisee, which will enable us to serve our customers in Malaysia and Singapore for the next 20 years," he said.
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