KUB sells A&W franchise for RM34m
KUB Malaysia Bhd has sold off A&W (Malaysia) Sdn Bhd to Inter Mark Resources Sdn Bhd for RM34 million. Under the sale and purchase agreement, it will dispose of its 100% interest in the franchise to Inter Mark Resources for RM30 million cash for the equity portion and RM4 million in reimbursement of intercompany balances.
The proposed sale is expected to be completed within three months of the date of the agreement, with a three-month extension option.
“The proposed disposal will enable KUB to realise its investment that is not considered as strategic and synergistic to its other operations, and at the same time, focus on the group’s core businesses,” stated KUB.
KUB has been open to selling its stake in the A&W franchise since the middle of last year. The sale will result in a oneoff estimated net gain of RM18.9 million for the company. KUB operates some 39 A&W outlets in Malaysia under an extended franchise agreement which runs until June next year.
“We’ll comply with the development agreement, we have to preserve the value of the asset by continuing to invest in new stores in compliance to the (franchise development) agreement,” said KUB president and managing director Datuk Abdul Rahim Mohd Zin.
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