ThaiBev has denied starting a formal sale process for its KFC franchise business in Thailand, after reports in July that Bank of America had been asked to explore a possible disposal. Panote Sirivadhanabhakdi, a ThaiBev director, Group Chief Executive Officer and Executive Director of Frasers Property Limited, said the bank had instead been engaged for a targeted study of the portfolio's present value. "There may have been considerable speculation, but what we actually want to understand is the value we have created for KFC," Panote said. Portfolio has more than doubled since 2017 ThaiBev subsidiary The QSR of Asia Company Limited, or QSA, paid 11.4 billion baht for 240 KFC outlets in 2017. By March 31, 2026, its estate had expanded to 561 restaurants. Panote described the work as normal investment discipline after nine years of growth, saying the company needed to reassess returns and be able to answer shareholders' questions. While he said any asset could in principle be sold at the right price, the current aim was to establish the value created since acquisition. Thapana Sirivadhanabhakdi, ThaiBev Group Chief Executive Officer, and other members of the new management generation took part in the discussions and decision-making, Panote added. He said the bank study also showed financial institutions' confidence in Thailand's food-service sector, where revenue-generating platforms with transparent, auditable systems can still attract investment. KFC network now covers every province QSA is one of three KFC franchise operators in Thailand. Central Restaurants Group, part of Central Group, introduced KFC to the country at CentralPlaza Ladprao and had 350 outlets as of June 30, 2026. Restaurants Development Company operates mainly in southern Thailand and recorded continuing losses between 2018 and 2025. QSA, meanwhile, has reported growth in both revenue and profit over more than nine years of operations. KFC Thailand said in March it had reached all 77 provinces, operating 1,226 outlets after 41 years in the country. Mae Hong Son was the final province added, following a one- to two-year feasibility study by QSA that required changes to logistics, shipment sizes and food-preservation methods for the route with 1,864 bends. Industry estimates put Thailand's fried-chicken restaurant market at about 30 billion baht, with KFC the leading player. KFC supports ThaiBev's food division For the nine months to June 30, ThaiBev reported sales revenue of 254.040 billion baht, down 1.8% year-on-year, while EBITDA rose 7.2% to 48.288 billion baht. Food-business revenue rose 3% to 17.059 billion baht, helped principally by KFC despite cautious consumer spending and economic uncertainty. Food EBITDA increased 6.7% to 1.683 billion baht, mainly due to a higher share of profit from associated companies. QSA's 2025 revenue exceeded 11.2 billion baht, up 5.26%, while net profit rose 9.66% to more than 441 million baht. KFC provides more than half of ThaiBev's food revenue, despite the group operating around 30 restaurant brands. The valuation comes as QSA considers franchise expansion or renewal, with potentially higher fees payable to the franchisor also under consideration. Picture courtesy of The Nation Related story KFC-thailand-operator-with-500-plus-stores-may-be-sold Join the discussion? 21 August 2026
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