As a proxy of the risk free rate, we used 3.87%, the yield of 20-year Malaysian Government Securities as extracted from the Bank Negara Malaysia website. The 20-year tenure is in line with the concession period as per the O&M Agreement.
Expected market return of 10.61% was extracted from Bloomberg.In the Independent Advice Letter for the proposed privatisation of KFC dated 12 October 2012
Risk free rate of 3.71% based on the 10-year Malaysian Government Bond yields
expected market return of 11.55% from Bloomberg