PRESS RELEASE
15 September 2011
Ekuinas undertakes Investment in Burger King® Franchise in Malaysia
KUALA LUMPUR, 15 September 2011: Ekuiti Nasional Berhad (Ekuinas), the governmentlinked private equity fund management company, today announced that it has undertaken an
investment of RM68.2 million in the local franchise of Burger King®, a leading global quick
service restaurant (QSR) chain in the country.
The investment in the Burger King® brand in Malaysia (BK) involves a capital injection of RM60
million into Cosmo Restaurants Sdn Bhd (Cosmo), the Malaysian franchisee for BK, together
with an acquisition of some of the minority shareholders’ existing shareholding in Cosmo for a
total equity stake of 74.1%. The investment shall be utilised to finance capital expenditure and
working capital to aggressively grow the existing BK business from its current base of 24 outlets
nationwide. Cosmo has been holding the franchise for BK in Malaysia since 1997 and is currently
majority owned by CIMB PE, through its funds under management, who will continue to retain a
significant minority interest in the Company.
Ekuinas Chairman, Raja Tan Sri Dato’ Seri Arshad Raja Tun Uda said, “We are pleased to be
investing in the Burger King® franchise in Malaysia. It has a strong brand and the trend of
increasing fast food consumption by Malaysians provides Cosmo with significant growth potential
especially given its current limited presence in Malaysia”.
Peter Tan, CEO, BK Asiapac, Pte. Ltd. said, “Ekuinas’ decision to invest in the Burger King®
brand will further strengthen our presence in the Malaysian market and make available the iconic
flame-grilled Whopper® to more Malaysian consumers. We see great potential for the Burger
King® brand in Malaysia and we look forward to our partnership with Ekuinas.”
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Investments in Burger King® and San Francisco Coffee mark Ekuinas’
entry into F&B sector
At the same time, Ekuinas also announced it is acquiring a 90% equity stake in Lyndarahim
Ventures Sdn Bhd (LVSB), the owner and operator of San Francisco Coffee, a highly popular
coffee chain, for a total investment of RM17.5 million, out of which RM14.5 million will be injected
as new capital into the company. An additional RM12.5 million investment has also been
allocated by Ekuinas to further expand the specialty coffee operations regionally as well as to
invest in additional F&B brands.
LVSB is a Bumiputera company which is owned by Datuk Abdul Rahim Zin, former President
and Group Managing Director of Bank Pembangunan, who shall retain a 10% stake and assume
the role of Chairman, whilst having the option to increase his stake in the company at a later
date.
Datuk Abdul Rahim Zin welcomed the new development, saying, “San Francisco Coffee (SF)
currently holds about 7% market share in the highly competitive specialist coffee chain. We are
pleased with the wide acceptance that SF has enjoyed so far, with the brand having its own
strong loyal customer base. We, however, believe that the brand offers significant potential, and
our partnership with Ekuinas will assist us in fast-tracking our growth in customer base both in
Malaysia and Singapore.”
The two investments will provide the platform for Ekuinas’ plan to build a leading Malaysian F&B
group with a diversified portfolio of holdings in established local and global F&B brands, across
all segments including full service, fast food, café, desserts and local cuisine restaurants.
Commenting on Ekuinas’ latest investments, Chairman, Raja Tan Sri Dato’ Seri Arshad Raja Tun
Uda said, “We are pleased to undertake these investments given the F&B sector is one of
Ekuinas’ six core sectors. With an overall market size of RM23 billion, out of which the chained
F&B segment is estimated to be worth RM5.6 billion, the Malaysian foodservice industry is
certainly sizeable and offers significant growth potential. At the same time, the industry remains
highly fragmented which provides an opportunity for Ekuinas to establish a strong F&B Group
through investments across different F&B brands.”
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Ekuinas Chief Executive Officer, Dato’ Abdul Rahman Ahmad further elaborated, “Ekuinas
believes both brands have unique characteristics that appeal to consumers as well as offer
significant opportunity to scale quickly. SF’s loyal patrons frequent their 20 outlets for its unique
premium coffee, and BK has always been the first choice amongst consumers who love the
famous flame-grilled burgers. Our plan is to extend the brand experience of SF and BK to
consumers beyond their current locations through an aggressive roll-out of new outlets.”
The two investments are Ekuinas’ most recent, after investing directly in four companies in 2010
and one recently through its outsourced programme. In total, Ekuinas has now undertaken
investments amounting to RM594.84 million and facilitated an economic capital deployment of
RM717.48 million into the Malaysian economy.
- ends In Summary

Investments in Burger King® and San Francisco Coffee amounting to RM98.2 million
mark Ekuinas’ entry into the fast growing consumer food and beverage (F&B)sector;

The two investments will see Ekuinas aggressively expanding the Malaysian
operations of Burger King®, a global leader in quick service restaurants (QSR) and
transforming the operations of San Francisco Coffee, a highly popular coffee chain
owned and operated by a Bumiputera entrepreneur; and

Ekuinas intends to further invest in established local and global F&B brands, with the
aim of creating a leading Malaysian F&B group with a diversified portfolio of
investments in full service, fast food, café, desserts and local cuisine restaurant
brands.
About Ekuinas
Ekuinas (Ekuiti Nasional Berhad) is a government-linked private equity fund management company
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established on 1 September 2009. With the government endowment of RM5 billion under the 9 Malaysia
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Plan and 10 Malaysia Plan, Ekuinas aims to create Malaysia’s next generation of leading companies
whilst promoting equitable, effective and sustainable Bumiputera economic participation. To date, Ekuinas
has undertaken investments in high potential Malaysian companies involved in the business of fast moving
consumer goods, oil and gas, logistics, education and retail.
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About Burger King Corporation
®
Founded in 1954, BURGER KING is the second largest fast food hamburger chain in the world. The
original HOME OF THE WHOPPER®, the BURGER KING® system operates more than 12,300 locations
serving over 11 million guests daily in 78 countries and territories worldwide. Approximately 90 percent of
®
BURGER KING restaurants are owned and operated by independent franchisees, many of them familyowned operations that have been in business for decades. In October 2010, Burger King Corp. was
purchased by 3G Capital, a multi-billion dollar, global investment firm focused on long-term value creation,
with a particular emphasis on maximising the potential of brands and businesses. For more information on
3G Capital, please go to http://www.3g-capital.com. To learn more about Burger King Corp., please visit
the company's website at www.bk.com or follow us on Facebook and Twitter.
About San Francisco Coffee
From a single store in 1997, San Francisco Coffee has grown to more than 20 outlets in Malaysia and
Singapore today, serving freshly brewed, hand roasted premium coffee as well as a delectable array of
sandwiches, pastries and snacks. San Francisco Coffee wishes to further share its coffee experience as it
expands regionally. For more information on San Francisco Coffee, visit www.sfcoffee.com.
Media Contacts:
Adli Abdul Karim, Weber Shandwick, AAbdulKarim@webershandwick.com (03) 6209 5223
Nabila Adnan, Weber Shandwick, NAdnan@webershandwick.com (03) 6209 5221
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