updated - September 30, 2014 Tuesday EDT
Burger King Worldwide is expanding in Singapore and Malaysia after selling 41 company-owned Burger King restaurants to Rancak Selera Sdn Bhd (Rancak Selera) in Singapore, part of Ekuiti Nasional Berhad's (Ekuinas) portfolio of companies and the current Burger King franchisee in Malaysia.
The government-linked private equity fund management company said on Friday it was undertaking a follow-on investment in its existing portfolio company Rancak Selera Sdn Bhd (BK Malaysia).
As part of the transaction, Burger Kind 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.
"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 in a statement.
Burger King opened its first restaurant in Malaysia in 1997 and since then, Rancak Selera has grown the brand's presence in the country to 32 outlets.
"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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