General Atlantic and CVC have paused multimillion-dollar stake sales in companies operating US fast food brands in Indonesia and Malaysia as protests and boycott campaigns over the Israel-Hamas war disrupt business.

Consumers in Muslim-majority Indonesia and Malaysia have shunned US brands since the start of Israel’s assault on Gaza in October.

General Atlantic paused the sale of its 20 per cent stake in Starbucks operator Map Boga Adiperkasa in December, according to two people familiar with the situation. The stake in Map Boga Adiperkasa, which has a market capitalisation of $285mn and is one of Indonesia’s largest fast-food franchise operators, is valued at about $54mn.

“It was impossible to sell a stake as a growth opportunity when sales are down, expansion plans are being scaled back, employees are being harmed in stores and there is no sign of the boycott ending,” said one person familiar with General Atlantic’s strategy.

“People are shifting from food and beverage brands to beauty brands. The boycott is much more substantial now as opposed to symbolic,” said Nirgunan Tiruchelvam, head of consumer and internet at Aletheia Capital, an advisory group focused on the Asia-Pacific region.