Thai Beverage Plc, the brewer controlled by tycoon Charoen Sirivadhanabhakdi, has entered into an agreement to buy more than 240 KFC stores in Thailand for 11.3 billion baht.
ThaiBev told the Singapore Stock Exchange on Tuesday The QSR of Asia Co Ltd, its subsidiary, had entered into an asset sale and purchase agreement with Yum Restaurants International (Thailand) Co Ltd to acquire more than 240 existing and a number of developing KFC stores in Thailand.
Nongnuch Buranasetkul, senior vice-president for the food business, said besides the business expansion, the deal would give ThaiBev access to KFC's network across the country.
"With QSA’s restaurant management expertise, we are well positioned to accelerate KFC’s further expansion in Thailand," she said in the statement.
The acquisition is expected to be completed by the end of this year, the statement said.
Yum announced in January 2016 a plan to sell all its self-managed restaurants so it could focus on product development.
The company also sold its Pizza Hut branches to Thoresen Thai Agencies Plc, a shipping group controlled by the Mahagitisiri family.
There are around 600 KFC outlets run by Yum and two franchisers in Thailand. Around 200 are owned by Central Retail Group and the remaining 100 by Restaurant Development Co Ltd, a joint venture of Asean Industrial Growth Fund.