BFood's share price jumps on news Vincent Tan may take the Starbucks Malaysia operator private

KUALA LUMPUR: Starbucks Malaysia operator Berjaya Food Bhd's (BFood) share price jumped as much as 8 per cent to 67 sen today, on news that Malaysian tycoon Tan Sri Vincent Tan Chee Yioun may take it private.

A Bloomberg report citing sources said Tan had met with banks about financing a potential deal.

Berjaya Corporation Bhd (BCorp) owns about 58 per cent direct and indirect interest in BFood. Tan owns about 16 per cent indirect and direct interest in BCorp.

At 3.57pm, BFood share price gained 5.65 per cent or 3.5 sen to 65.5 sen.

BFood's share price has fallen 5.4 per cent since the start of the Israel-Palestine conflict on Oct 7, 2023.

BFood posted a net loss of RM42.6 million in the second quarter ended Dec 31, 2023, against a net profit of RM35.5 million a year ago, as the boycott on Starbucks Malaysia continued.

Revenue declined by 38 per cent to RM182.5 million compared with RM295.3 million garnered last year.

Shortly after the results were announced Tan appealed to Malaysians to halt the boycott, which he said did not benefit anyone.

Starbucks Malaysia makes up more than 90 per cent of BFood's revenue, while the remaining came from Kenny Rogers Roasters and Jollibean.-ends-

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