<article>Malaysia-based fast food operator QSR Brands (M) Holdings Bhd has confirmed its plan to delay its initial public offering (IPO), following discussions with its bankers, it said in a statement on Wednesday.</article>

Malaysia-based fast food operator QSR Brands (M) Holdings Bhd has confirmed its plan to delay its initial public offering (IPO), following discussions with its bankers, it said in a statement on Wednesday.
&#8220;QSR Brands and its shareholders have decided to re-time the IPO following discussions with its bankers. In the meantime, the company will continue to focus on delivering results through the execution of the various initiatives for KFC, Pizza Hut and Ayamas,&#8221; said the company.
The development was first reported by Reuters. According to an industry source, it may take at least another six months for QSR to go public.
QSR&#8217;s plan to be relisted on the Main Board of Bursa Malaysia has been pending since 2017 and was repeatedly postponed due to weak markets. The IPO, which aims to raise RM2 billion ($500 million) would have been the largest one in Malaysia since the listing of integrated petrochemical producer Lotte Chemical Titan Holding Bhd in July 2017.
The president and chief executive of Johor Corp (JCorp), the investment arm of Malaysia’s Johor State, Kamaruzzaman Abu Kassim, had pegged QSR&#8217;s market value upon listing at an estimated RM6 billion ($1.5 billion).
QSR currently operates 820 KFC restaurants in Malaysia, Singapore, Brunei, and Cambodia. It is also the operator of Pizza Hut in Malaysia and Singapore, with more than 390 restaurants and delivery concepts in Malaysia and 75 in Singapore.
The IPO would mark an exit for global private equity firm CVC Capital Partners and Malaysia’s largest pension fund Employees Provident Fund, who hold 24 per cent each, including largest shareholder with a 51 per cent stake, JCorp.
The three investors took QSR and its unit KFC Holdings (M) Bhd (KFCH) private in a RM5.2 billion ($1.27 billion) deal that was completed in February 2013.
To recap, in December 2011, JCorp and CVC Capital &#8211; via their buyout vehicle Massive Equity Sdn Bhd (MESB) &#8211; made a joint takeover offer for the assets and liabilities of QSR and KFCH. The takeover offer valued QSR at RM2.06 billion ($500 million), or RM6.80 a share, and that of KFCH at RM3.17 billion ($770 million) or RM4 per share. MESB had also offered RM3.79 and RM1 for each warrant in QSR and KFCH respectively.
Several private equity-backed businesses in Malaysia are looking to go public this year, including <a href="https://www.dealstreetasia.com/stories/creador-mr-diy-ipo-115896/">Creador-backed home improvement retailer Mr. D.I.Y.</a>, and Affinity Equity Partners-backed poultry producer Leong Hup International Bhd is also looking to list on Bursa Malaysia soon.
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QSR's plan to be relisted on the Main Board of Bursa Malaysia has been pending since 2017 and was repeatedly postponed due to weak markets.

CVC Capital-backed Malaysian restaurant operator QSR to delay IPO

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CVC Capital-backed Malaysian restaurant operator QSR to delay IPO

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