26 February 2015 – The Borneo Post
KUALA LUMPUR: Brahim’s Holdings Bhd has aborted its plan to acquire the Burger King franchise in Malaysia and Singapore as more than 90 per cent of its shareholders are against it.
Executive chairman Datuk Seri Ibrahim Ahmad Badawi said among the reasons given is that the fast food chain is a loss-making entity.
The in-flight meals provider held an extraordinary general meeting here yesterday to seek shareholders’ approval to acquire a 100 per cent equity interest in Rancak Selera Sdn Bhd, a unit of Ekuinas, for RM95 million.
Rancak Selera is also the holding company for Cosmo Restaurants Sdn Bhd and Burger King Singapore Pte Ltd.
The acquisition would have given Brahim’s control of the Burger King outlets, and an opportunity to
integrate its existing portfolio.
Despite the negative note by the shareholders, Ibrahim said the company would continue to look for new acquisitions, but still in the food and beverages industry. — Bernama