News

Retail

Staff Reporter

, Singapore

Published:

9 years ago

McDonald's to sell 20-year franchise rights for Singapore outlets

It's about to close a $548m deal with Saudi Arabia group.

McDonald's Corp is nearing a deal to sell 20-year franchise rights for its Singapore and Malaysia outlets to Saudi Arabia's Reza group, in a transaction estimated at up to US$400 million (S$548 million), people familiar with the matter said.

Reza Food Services Co. Ltd, which owns and operates McDonald's restaurants in the western and southern region of Saudi Arabia, has tapped Malaysian bank CIMB (CIMB.KL) to finance the deal, said two of the sources, who declined to be identified as the deal has not been publicly announced.

Here's more from Reuters.

Photo by Reuters

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