Yum! Brands to split Chinese business
Print Edition
YUM! Brands Inc, which owns fast food restaurant chains KFC, Pizza Hut and Taco Bell, announced a detailed plan to split its China division so it operates as its largest franchisee.
The company’s China branch, which accounted for about half of Yum’s total operating profit during the third quarter this year, while continuing to be based and listed in the United States, will explore IPO opportunities in Hong Kong and other Asian exchanges, the US-based company said at its annual investor conference.
After the split, Yum! Brands and Yum! China will each have the chance to deliver around 15 percent shareholder return, including dividends, compared with previous growth targets of at least 10 percent growth of earnings per share.
The company plans to return up to US$6.2 billion to shareholders before the spin-off, which Yum! said will complete by the end of next year.
Yum! Brands unveiled the decision to separate its China operation in October this year. It came after a KFC supply incident in China last year caused volatility in its China division, which then hit the entire company.
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