McDonald’s stalls plan to sell stake in Japanese arm

Customers are seen through the windows of a McDonald's store (top) in Tokyo, while others stand in line in front of cash registers, July 22, 2014. REUTERS/Yuya Shino/File Photo

McDonald’s Corp has put on hold plans to sell shares in its Japan unit, which recently returned to profit for the first time in three years after a series of food scandals shook consumer confidence in the chain.

The fast food giant has “made the decision to not proceed with the transaction at this time,” Chief Finance Officer Kevin M. Ozan told investors on a conference call on Tuesday.

The decision followed a review of its stake, Ozan said.

“We believe the market is poised to maintain its strong momentum,” he added.

McDonald’s Holdings Co Japan Ltd expects operating profit in the current fiscal year to grow to 9 billion yen ($80.92 million), a 29.9 percent rise on the previous year.

The Japan unit has had success in capturing the attention of local consumers with recent innovations including a burger-naming election, French fries topped with chocolate and a tie-up involving hit smartphone game Pokemon Go.

Also Read: McDonald’s inviting bids for 33% stake in Japan unit

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Reuters

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.