Malaysian restaurant operator QSR Brands (M) Holdings has postponed its domestic initial public offering (IPO) again due to difficult market conditions.

According to a Reuters report, the company decided to delay the move due to concerns that the poor macroeconomic environment could impact its valuation.

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Sources familiar with the development told the news agency that QSR Brands now plans to launch the IPO next year. The company was hoping to secure $400m to $500m by the end of the year through the listing.

If the plan advanced, it would have been the largest IPO in Malaysia since 2017.

Notably, QSR Brands has the rights from Yum! Brands to operate the KFC and Pizza Hut brands in the Southeast Asian countries of Malaysia, Brunei, Cambodia and Singapore. It currently runs around 850 KFC and 500 Pizza Hut restaurants in the region.

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According to its website, it also owns the local entities Ayamas and Life.

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The Malaysian company is funded by private equity firm CVC Capital Partners and Malaysian state investment firm Johor Corp.

A QSR Brands representative told Reuters in an emailed response: “Increasing shareholder value is a key objective and we are always looking for the right opportunity.” The statement did not provide any details regarding the company’s IPO plans.

QSR Brands had been planning the listing since 2017. A previous IPO plan in 2019 was suspended due to political uncertainty in Malaysia as well as rough market conditions.

Earlier this month, Yum! Brands announced that it would sell its Russian KFC business to a local company.