McDonald's Sells Singapore, Malaysian Franchise To Saudi Group

McDonald's Corp said on Friday it had sold the franchise rights for its restaurants in Singapore and Malaysia to Saudi Arabia's Lionhorn Pte Ltd as part of a plan to move away from direct ownership in Asia. The fast-food chain said it transferred its ownership interest in 390 restaurants, more than 80 per cent of which were company-owned, on Dec. 1 to Lionhorn. Lionhorn is led by Sheik Fahd and Abdulrahman Alireza, who are franchis...