Vincent Tan said to be looking at taking Berjaya Food private

Vincent Tan said to be looking at taking Berjaya Food private

Tycoon already in talks with banks to finance the buyout of the owner of the Starbucks chain in Malaysia, insiders say.

Vincent Tan, who founded Berjaya Corp in 1984, is looking to take one of its subsidiaries, Berjaya Food, private.
KUALA LUMPUR:
Berjaya Group founder Vincent Tan is considering taking Berjaya Food Bhd private, according to people with knowledge of the matter.

Tan is in talks with banks about financing for a potential buyout deal for Berjaya Food, which owns 100% of Starbucks Corp’s Malaysian operations, said the people, asking not to be named as the matter is private.

Berjaya Food’s stock had lost more than a quarter of its value in the past year.

Berjaya Corp, a company founded by Tan in 1984 and involved in the real estate, hotels and consumer sectors, has a deemed interest of 55% in Berjaya Food, according to its latest available annual report.

Founded in 2009, Berjaya Food also runs brands including Kenny Rogers Roasters chain of restaurants in Malaysia as well as Jollibean, a fresh soy milk provider.

As of June 30, 2023, Starbucks Malaysia had 393 stores nationwide while Kenny Rogers Roasters had 80 stores.

Deliberations are at the preliminary stage and Tan could still decide against pursuing a go-private deal for Berjaya Food, the people said.

Tan declined to comment, while representatives for Berjaya Food and Berjaya Corp didn’t respond to requests seeking comment.

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