Malaysia Airlines gets Morgan Stanley as adviser

Khazanah Nasional Bhd. has hired Morgan Stanley to look at strategic options for Malaysia Airlines Bhd., according to an official in the prime minister’s department. The investment bank was brought in as an independent adviser for the airline’s recovery plan, Md Farid Md Rafik, a deputy minister in Mahathir Mohamad’s department, said in parliament. The government is willing to become a minority shareholder in the carrier, Md Farid said, implying a stake sale is among options under consideration. Khazanah, Malaysia’s sovereign wealth fund, is the sole shareholder of Malaysia Airlines after taking it private in 2014 following two tragic incidents – one of its planes vanished over the Indian Ocean and another was shot down over Ukraine. While the carrier’s revenues have been rising over the past year, overcapacity in Asia and external volatility including the trade war between the U.S. and China are expected to continue to hamper growth.

Jollibee buys Coffee Bean

for $350 million

Jollibee Foods Corp. will spend $350 million to purchase loss-making Coffee Bean & Tea Leaf, its largest acquisition. Shares of the Philippine’s biggest restaurant company fell the most in more than two years. Jollibee will invest $100 million for an 80% stake in a Singapore venture set up with Vietnamese partners to acquire Coffee Bean. Los Angeles-based Coffee Bean will add 14% to Jollibee’s global sales and expand its store network by more than a quarter, said Jollibee Chairman Tony Tan Caktiong. In 2018, the coffee chain with 1,189 stores reported a net loss of $21 million on revenue of $313 million. The Coffee Bean acquisition is Jollibee’s largest to date, following its $210.25 million takeover of American fast-food chain Smashburger, according to Bloomberg data.