Private equity firm CVC Capital Partners is considering selling its 21% stake in QSR Brands after multiple attempts by the regional fast food franchise operator for a domestic listing, two sources familiar with the matter told Reuters.

QSR Brands (M) Holdings, the Malaysian operator of KFC and Pizza Hut restaurants in Southeast Asia, has tried to hold an initial public offering on the local stock exchange since 2017.

The company, which holds the sole right from Yum! Brands Inc to run the fast food chains in Brunei, Cambodia, Malaysia and Singapore, last postponed its IPO plan last year amid concerns that poor macroeconomic conditions could hurt its valuation.

CVC is talking with at least one advisor to explore the sale of its stake, worth more than 1.2 billion ringgit ($272.60 million), the sources said, declining to be named as the matter is private.

Malaysian state investment firm Johor Corp is the largest shareholder of QSR Brands with 56% stake, according to Johor Corp’s annual report.

CVC declined to comment.

QSR Brands said it does not “have any knowledge about the matters raised” in a response to a request for comment on Thursday.

CVC has been active in Southeast Asia, a region with a population of over 660 million.

Last month it bought a “minority stake” in Indonesian gas company Samator Indo Gas from existing shareholders for $155 million. In December, it sold its minority stake in Indonesia’s Garudafood Putra Putri Jaya to U.S-based Hormel Foods Corp.

Selangor-headquartered QSR runs more than 850 KFC and 500 Pizza Hut restaurants, according to its website.

Reuters