source: StarBiz, Tuesday December 21, 2010 - Yvonne Tan Chances of QSR, KFCH sale grow dimmer This is due to impending removal of Muhammad Ali The chances of Johor Corp Bhd (JCorp) disposing its key assets such as QSR Brands Bhd and its subsidiary KFC Holdings (M) Bhd have grown dimmer with the impending removal of Tan Sri Muhammad Ali Hashim, sources said. JCorp sought last week to remove Muhammad Ali from the boards of three companies that it has direct stakes in Kulim Bhd (which has a controlling stake in QSR Brands Bhd), KPJ Healthcare Bhd and Damansara Realty Bhd. As JCorp owns majority stakes in all the companies, the move to remove Muhammad Ali at set EGMs early next year, are almost done deals, analysts said.  JCorp was thrown into the limelight recently when it received three offers for QSR Brands. The offers came from some big names in private equity, including the Carlyle Group and CVC Capital. JCorp, which controls 53% of Kulim, later turned down all the offers. The company said it would not sell QSR Brands and KFC because “more value” could be obtained from these companies. It has been reported that Muhammad Ali could have been behind the move to sell QSR. In July, Muhammad Ali had suddenly left his post as CEO of JCorp. He however had remained as chairman of the listed companies under JCorp's stable. “With his impending removal, it is unlikely now that JCorp would be interested to sell any of its key assets,” said an investment banker. JCorp is saddled with huge debts, which totalled more than RM6bil as at Dec 31, 2009. Out of this, RM3.6bil is due to be repaid in the middle of next year. This had also led to speculation that JCorp could be selling some assets. However, JCorp's newly appointed CEO, Kamaruzzaman Abu Kassim recently said that JCorp plans to refinance that loan. He also revealed that both CIMB and Maybank Investment Banks were advising JCorp on this refinancing. Both banks were also key lenders to JCorp, Kamaruzzaman said. Muhammad Ali is currently chairman of Kulim, QSR and KFC as well as of KPJ Healthcare and DRealty. All three EGMs for Muhammad Ali's removal will be held next month on Jan 17 for Kulim, Jan 21 for DRealty and Jan 26 for KPJ Healthcare. |
Top NewsTaikor of The Month Tan Sri Syed Mokhtar Al Bukhary DRB HICOM
Our taikor of this month makes a return and is again in the controlling seat of Malaysia's automobile industry. He alone (or is he?) will determine where Proton goes, North or South? Click here for his profile. What's New? Find out who are the smart ones with great ideas... Adil bin Mohd – Kelab Skuba Universiti Teknologi Malaysia (UTM)Saw San San - Choral Music AcademyNurul Izzah Zainal Abidin - Battle 21 International 2012
Panjalai Karisnan - Dance for Health Gillian Valerie Chong Tze Yen - Expediation AGAPE Malaysia 2012 Drug Free Youth Association Malaysia - School Talk Programme Hannah Nazri - Project Kalsom 17 Dr. Foo Loke Min - Sepupu 1 Malaysia Leow Ze Tong - MYC:Malaysian Youth Changemakers Ahmad Humaizi Udin @ Uzir - Nature T-Shirt Project Mohd Faridzul Asyraf Mat Arifin - Kelantan Weight Loss Challenge Jazz Tan - Youth Jam, My Harapan Fazilah Saugi - Projek Refleksologi Asli Zahid Suffian Norizan - Program Pembangunan Bolasepak Muhammad Amzari Md Husaini - Pelarik Tourism Pop Collective Sdn. Bhd. - My Harapan Urban Village Growing Emerging Leaders Sdn. Bhd. (GEL) - Project E.P.I.C Malaysia's Top 10 by Forbes - 2010Kuala Lumpur's most expensive property |
Malaysia Inc >
QSR |