4/11/24, 10:00 AM Tan weighing taking Starbucks Malaysia private | The Star

Tan weighing taking Starbucks Malaysia

private

CORPORATE NEWS

Wednesday, 10 Apr 2024

Tan is in talks with banks about financing for a potential deal, sources said.

KUALA LUMPUR: Tycoon Tan Sri Vincent Tan is considering taking Kuala Lumpur-listed Berjaya Food
Bhd private, according to people with knowledge of the matter.

Tan is in talks with banks about financing for a potential deal, said the people, asking not to be named
as the matter is private.
Privacy - Terms
Shares of Berjaya Food, which owns 100% of Starbucks Corp’s Malaysian operations, have dropped
about 28% in the past year, giving it a market value of US$229mil.
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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 the Kenny Rogers Roasters chain of
restaurants in Malaysia as well as Jollibean, a fresh soy milk operator it had acquired in 2012.

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

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

STARPICKS

Sime Darby Property to launch Elmina Ridge in April

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

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TAGS / KEYWORDS:

BFoodGoingPrivate , VincentTan , BerjayaFood , StarbucksMalaysia , Delisting , FinancingTalks

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