KUALA LUMPUR (Oct 31): QSR Brands (M) Holdings Sdn Bhd, which operates KFC and Pizza Hut restaurants in Southeast Asia, picked banks to arrange a Malaysian initial public offering next year that could raise about US$500 million, people with knowledge of the matter said.

QSR Brands chose Citigroup Inc, Credit Suisse Group AG and Malayan Banking Bhd to lead the offering, according to the people. The company, which is backed by CVC Capital Partners and Malaysia's largest pension fund, also selected CIMB Group Holdings Bhd and RHB Bank Bhd to work on the share sale, the people said, asking not to be identified because the details are private.

The Kuala Lumpur-based company is seeking a listing after first-time share sales in the country raised just US$270 million this year, the lowest level for any comparable period since 2009, data compiled by Bloomberg show. It joins developer Eco World International Bhd, which said last week it plans to seek more than US$476 million in a Malaysian IPO.

Spokesmen for Citigroup and Credit Suisse declined to comment. Representatives for CIMB, Maybank, QSR Brands and RHB didn't immediately respond to e-mails seeking comment.

CVC, Employees Provident Fund and Johor Corp took QSR Brands private in 2013. QSR Brands manages more than 730 KFC restaurants in Malaysia, Singapore, Brunei, Cambodia, and India, as well as more than 450 Pizza Hut outlets in Malaysia and Singapore, its website shows.