KUALA LUMPUR: Berjaya Food Bhd (BFood) has sold off its unit PT Boga Lestari Sentosa, which has operated Kenny Rogers Roasters (KRR) restaurants in Indonesia since 2011, for a nominal sum of 1,000 rupiah (30.5 sen).

“The disposal (to Rudy Wiguna and Komelia Ersan) provides an opportunity for the BFood group to divest its non-profitable foreign investment and recover a portion of the inter-company debt,” BFood said in a filing with Bursa Malaysia.

BFood’s unit Berjaya Food International Sdn Bhd also settled a portion of the inter-company debt owing by PT Boga to it amounting to 9.6 billion rupiah (RM2.92mil).

BFood said based on the group’s first quarter results ended July 31, 2017, on a pro forma basis, the disposal of the 99.9% stake in PT Boga resulted in a loss of about RM13.27mil or 3.53 sen per share.

It said the nominal consideration for the disposal was arrived at on a willing-seller willing-buyer basis after taking into account the past yearly losses and the shareholders’ deficit of PT Boga of 114.65 billion rupiah (RM34.92mil).

PT Boga at present has 10 KRR restaurants located in Jakarta.