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Tan Sri Syed Mokhtar Al Bukhary 

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Malaysia Inc‎ > ‎Johor Corporation‎ > ‎

JCorp to focus on resolving debt

JCorp to focus on resolving RM3.6bil debt, core businesses

The Star Business - 14 Jan 2011

JOHOR BARU: Johor Corp Bhd (JCorp) says it will focus on enhancing its core businesses and resolving its debt of RM3.6bil this year.

“Our primary focus now is to enhance our core businesses. JCorp's majority owned public-listed companies are spearheading the palm oils, foods and restaurant, and healthcare divisions while JCorp directly manages property development and hospitality divisions.”

“The immediate task now is to resolve the debt of RM3.6bil that comes due mid-next year and we have identified the means of achieving this,” it said in a statement yesterday. JCorp said it would be assisted by Maybank and CIMB Bank.

The company also expressed its gratitude to former chief executive Tan Sri Muhammad Ali Hashim.

Meanwhile, Sindora Bhd told Bursa yesterday that Ali had resigned as chairman and director, to be replaced by new JCorp chief executive Kamaruzzaman Abu Kassim.

“In his 28 years serving JCorp, Tan Sri Mohamad Ali has turned JCorp into the most dynamic state investment body in the country, as seen in the breadth of businesses it now has.

“We thank him and acknowledge that under his leadership, JCorp is now a highly diversified corporate entity with more than 60,000 employees in its group, giving us leadership positions in a wide range of sectors, spanning plantations, healthcare and fast food. JCorp has tremendous admiration for Tan Sri Muhammad Ali and we wish him all the best in his future.”

Kamaruzzaman Abu Kassim, who was appointed as JCorp president and chief executive on Dec 1, 2010, will be replacing these positions left vacant by Muhammad Ali.

The seven companies are Kulim (M) Bhd, QSR Brands Bhd, KFC Holdings (M) Bhd, KPJ Healthcare Bhd, Damansara Realty Bhd, Damansara REIT Managers Sdn Bhd and Sindora Bhd. The Sindora announcement was made to Bursa Malaysia yesterday.

JCorp said Kamaruzzaman would be taking JCorp to the next level through a group-wide transformation programme that will be implemented in phases over the next few years.