SINGAPORE - The Thai Beverage Public Company (ThaiBev) said on Tuesday (Aug 8) that it has entered into a sale and purchase agreement with Yum Restaurants International (Thailand) to acquire more than 240 existing and a number of developing KFC stores in Thailand.

The preliminary amount in consideration for the existing KFC stores is about 11.3 billion Thai baht (S$463 million), including value added tax, and an additional amount in consideration for the developing KFC stores will be determined at closing.

KFC has been in Thailand for more than 30 years, with the fastest pace of store growth in the last five years, said ThaiBev.

The acquisition would allow it to expand further into the food business and to capture the lifestyle of consumers within the quick service restaurant segment.

The acquisition, to be done through ThaiBev's subsidiary and food product group flagship company in Thailand, The QSR of Asia, is expected to be completed by the end of December.

Mrs Nongnuch Buranasetkul, senior vice-president of ThaiBev's food business for Thailand, said: "KFC's extensive network in Thailand will give the group direct access to multiple customer touch points across the country, enabling us to understand trends and stay at the forefront of the industry.

"This is essential for sustainable growth over the long term... We look forward to partnering with Yum Restaurants International (Thailand) to achieve this goal and will focus not only on enhancing operations, but also human capital development."

The KFC brand has been the No. 1 quick service restaurant brand in Thailand measured by brand share and number of outlets, ThaiBev said.