ThaiBev is weighing the sale of Thailand’s biggest KFC franchise, with more than 500 restaurants potentially changing hands in one of the country’s largest fast-food deals as weak food profits contrast sharply with its booming drinks business.
Thai Beverage Public Company Limited (ThaiBev), the drinks giant controlled by billionaire Charoen Sirivadhanabhakdi, is exploring the sale of Thailand’s largest KFC franchise in a deal that could reshape the country’s fast-food industry. Bloomberg reports the group is testing buyer interest in a business spanning more than 500 restaurants, even as its food division delivers wafer-thin profits despite billions of baht in revenue. While no deal is certain, any transaction would rank among Thailand’s biggest restaurant franchise sales and place the kingdom’s largest KFC network under new ownership rather than the iconic brand’s exit from the market.
Thai Beverage Public Company Limited (ThaiBev) is considering the sale of Thailand’s biggest KFC franchise business, according to a Bloomberg report citing people familiar with the matter.
The Singapore-listed drinks giant is controlled by billionaire Charoen Sirivadhanabhakdi. Bloomberg said ThaiBev is working with Bank of America to gauge interest from potential buyers. However, the discussions remain ongoing and may not result in a transaction.
If completed, the deal would transfer ownership of more than 500 KFC restaurants across Thailand. It would rank among the country’s biggest restaurant franchise transactions. Crucially, it would not signal KFC’s withdrawal from Thailand. Instead, the business would continue operating under a new franchise owner.
ThaiBev explores sale of Thailand’s biggest KFC chain while testing buyer interest in a deal
ThaiBev’s KFC operations are managed through its subsidiary, QSR of Asia Company Limited (QSA). The company has grown into Thailand’s largest KFC franchise holder.
It is one of three operators licensed by Yum Brands to run the chain in the kingdom. The others are Central Plaza Hotel Public Company Limited and Restaurants Development Company Limited, which is backed by India’s Devyani International.
ThaiBev entered the business in 2017 through the purchase of more than 240 KFC restaurants from Yum Restaurants International (Thailand). The acquisition cost about ฿11.4 billion. Since then, QSA has more than doubled its network.
Today, it operates more than 500 outlets nationwide. By comparison, Central Plaza Hotel runs about 347 branches, while Restaurants Development operates more than 240. As a result, any sale would hand Thailand’s largest KFC franchise portfolio to a new owner.
Notably, the reported move comes as ThaiBev’s food division delivers only modest returns against its core beverage business. According to Kaohoon International, the food segment generated attributable profit of just ฿54 million.
ThaiBev’s food division delivers slim profits despite operating the country’s biggest KFC network
Sales reached ฿11.325 billion during the six months ended March 31, 2026. That equates to a profit margin of about 0.5%. Equally significant, the division contributed only 0.34% of ThaiBev’s total group profit of ฿15.965 billion during the same period.
Separately, Reuters reported that profit attributable to the food business fell 21.7% from a year earlier. Higher depreciation expenses from restaurant expansion reduced earnings.
Increased income tax costs also weighed on results. During the same six-month period, ThaiBev posted net profit of ฿14.2 billion on revenue of ฿173.2 billion. Both figures were lower than a year earlier.
Taken together, the figures highlight the gap between ThaiBev’s restaurant and beverage operations. The food business generates substantial revenue but only slim profits. By contrast, the beverage division remains the group’s financial engine. ThaiBev is Thailand’s largest beverage producer and is best known for Chang beer and SangSom rum.
Beyond beverages, ThaiBev forms part of the wider business empire controlled by Charoen Sirivadhanabhakdi. His interests include Frasers Property, Berli Jucker, Asset World Corporation and Big C Supercenter. Earlier this month, Forbes ranked Charoen and his family as Thailand’s fifth-richest. Their combined wealth was estimated at US$11.5 billion.
Earlier KFC franchise sale efforts and market changes provide context for ThaiBev’s talks
The reported sale would not be unprecedented. Bloomberg reported in 2020 that Restaurants Development Company Limited explored a sale of its own KFC franchise business. The proposed transaction was valued at about US$200 million. At the time, the company operated around 200 restaurants and employed roughly 4,000 staff across Thailand.
Meanwhile, Thailand’s fast-food market has already witnessed one major international withdrawal. Texas Chicken closed all of its Thai outlets two years ago.
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In contrast, the reported ThaiBev discussions concern a transfer of ownership rather than a market exit. Customers would continue seeing the KFC brand under a different franchise operator.
Bloomberg said ThaiBev did not respond to requests for comment. Bank of America also declined to comment. KFC is owned by Yum Brands, the United States restaurant group headquartered in Louisville, Kentucky. The company also owns Pizza Hut and Taco Bell. For now, the negotiations remain exploratory, and Bloomberg said there is no certainty a transaction will ultimately be completed.
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