McDonald's Corp is set to agree a deal to sell 20-year franchise rights for its Singapore and Malaysia outlets to Saudi Arabia's Reza group for up to $400 million, as part of a re-jig of its Asian business, people familiar with the matter said.
Reza Food Services Co Ltd, which owns and operates McDonald's restaurants in the western and southern region of Saudi Arabia, has tapped Malaysian bank CIMB to finance the transaction, said two of the sources, who declined to be identified as the deal has not been publicly announced.