DOUGLAS Foo, executive chairman of Sakae Holding : 5DO 0%, is looking to sell a 20 per cent stake in the restaurant operator for S$26.5 million, the company said on Wednesday (Jul 19).

On Tuesday, Foo entered into a sale and purchase agreement with Makara Capital to sell 27.8 million shares in the company. Makara Capital is a private equity firm which backed Singapore telco MyRepublic with a S$70 million investment in 2017.

If the proposed sale is completed, Foo will remain as executive chairman and controlling shareholder with 64.1 million shares, or about 46.15 per cent of the company’s total number of issued shares.

The deal’s completion is subject to the meeting of certain conditions, Sakae noted.

Its counter jumped 90.9 per cent, or S$0.09, to S$0.189 as at 10.44 am on Wednesday.