KFC Thailand operator with 500-plus stores may be sold

Thai Beverage Public Company Limited, the Thai drinks group behind Chang beer and SangSom rum, is reportedly considering selling its KFC franchise business in Thailand.

Bloomberg, citing people familiar with the matter, said ThaiBev is working with Bank of America to assess potential buyer interest. The discussions are ongoing and may not result in a transaction.

The business is operated by QSR of Asia Company Limited (QSA), part of ThaiBev's food division. QSA runs more than 500 KFC branches nationwide, making it the country's largest KFC franchise holder.

Buyer interest is being tested

ThaiBev is controlled by billionaire Charoen Sirivadhanabhakdi and bought 240 KFC branches in 2017 for about 11.4 billion baht.

QSA is one of three KFC franchise holders in Thailand. The other operators are Central Plaza Hotel Public Company Limited and Restaurants Development Company Limited, which is backed by Devyani International.

No sale has been announced, and Bloomberg's report did not suggest that branches would close or that there would be immediate changes for customers. A sale of ThaiBev's KFC operation, if completed, would transfer the business to a new owner rather than remove the chain from the market.

Food division delivers thin returns

Kaohoon International reported that ThaiBev's food segment, including the KFC business, recorded attributable profit of 54 million baht from sales of 11,325 million baht in the six months to March 31, 2026.

That works out at a margin of about 0.5%. The segment accounted for just 0.34% of ThaiBev's total group profit of 15,965 million baht during the same period, highlighting its relatively low returns compared with the group's beverage operations.

Bloomberg reported in 2020 that Restaurants Development had also considered selling its Thailand KFC franchise business, then valued at about US$200 million. It was reported at the time to operate around 200 branches and employ roughly 4,000 people nationwide.

No comment from ThaiBev

ThaiBev had not replied to Bloomberg's request for comment on the latest report, while Bank of America declined to comment.

KFC is operated globally by Louisville, Kentucky-based Yum Brands, which also runs Taco Bell and Pizza Hut.

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22 July 2026