KUALA LUMPUR - Malaysian tycoon Vincent Tan is considering taking Kuala Lumpur-listed Berjaya Food private, according to people with knowledge of the matter.

Mr Tan is in talks with banks about financing for a potential deal, said the people, asking not to be named as the matter is private.

Shares of Berjaya Food, which owns 100 per cent of Starbucks’ Malaysian operations, have dropped about 28 per cent in the past year, giving it a market value of US$229 million (S$308 million).

Berjaya Corp, a company founded by Mr Tan in 1984 and involved in the real estate, hotels and consumer sectors, has a deemed interest of 55 per cent in Berjaya Food, according to its latest available annual report.

Founded in 2009, Berjaya Food also runs brands including Kenny Rogers Roasters chain of restaurants in Malaysia as well Jollibean, a fresh soya milk operator. As at June 30, 2023, Starbucks Malaysia had 393 outlets nationwide while Kenny Rogers Roasters had 80.

Deliberations are preliminary and Mr Tan could still decide against pursuing a go-private deal for Berjaya Food, the people said. He declined to comment, while representatives for Berjaya Food and Berjaya Corp did not respond to requests for comment. BLOOMBERG