Thai Beverage Pcl, the maker of Chang beer and SangSom rum, is considering a potential sale of its KFC restaurant franchise business in Thailand, according to people familiar with the matter. The company is working with Bank of America Corp., a financial-services company, to assess possible buyer interest in the business. Discussions remain ongoing, and the review may not ultimately result in a transaction.

The potential sale would involve QSR of Asia Co., also known as QSA, a ThaiBev subsidiary that operates KFC restaurants across Thailand. ThaiBev acquired 240 KFC locations in 2017 for approximately 11.4 billion baht, or about $340 million. QSA has since expanded to more than 500 restaurants nationwide and describes itself as Thailand's largest KFC franchise operator, suggesting the business could represent a sizable asset within ThaiBev's portfolio.

QSA is one of three KFC franchise operators in Thailand, alongside Central Plaza Hotel Pcl, a Central Group subsidiary, and Restaurants Development Co., which is backed by Devyani International Ltd. KFC is operated by Yum! Brands Inc. , the Louisville, Kentucky-based restaurant company that also runs Taco Bell and Pizza Hut. Investors may view a possible sale as a portfolio adjustment for ThaiBev, although the company did not respond to requests for comment and Bank of America declined to comment.