Ekuinas disposes of Burger King franchise

Deal sealed: A file picture shows a Burger King outlet in Mutiara Damansara. Ekuinas has sold its investment in the burger- joint franchise to Newscape Capital Sdn Bhd for RM74.6mil.

PETALING JAYA: Ekuiti Nasional Bhd (Ekuinas) has sold its investment in Burger King Malaysia and Singapore to Newscape Capital Sdn Bhd for RM74.6mil.

The state-owned private equity firm first bought 74% from the previous franchisee for RM68.2mil in 2011. The divestment generated gross proceeds of RM74.6mil with a negative internal rate of return (IRR) of 28.1% and investment recovery of 0.45 times of capital invested across two funds.