News

Tricon to accept Singapore bid by end of February

March 19, 2002

KUALA LUMPUR -- Tricon Global Restaurants senior legal counsel in Malaysia, Vinod Mahboobani, said the company will announce a winning bidder for its 87 fast-food stores in Singapore before the end of February.

Tricon is headquartered in Louisville, Ky.

Included in the package are 27 Pizza Huts, 55 KFC outlets and four multi-brand restaurants, which include Tricon's third brand, Taco Bell.

According to the Malaysian newspaper, The Star, Mahboobani said six parties are on a short list of candidates, but he would not name them.

"Of the six, one is a Malaysian company, one an Australian bidder and four are Singaporean companies," he told the newspaper.

Malaysian firm, KFC Holdings, said last week it was among the bidders, but whether the firm's offer made it to Tricon's list is unknown. KFCH operates multiple Kentucky Fried Chicken and Pizza Hut stores throughout Malaysia.

"(T)he successful bidder ... does not have to be a Singapore party," Mahboobani said. "But only one party would be given the franchise to manage the three brands."

He said the franchise agreement with the winning bidder would last 20 years.