Malaysia: Malay Chamber to facilitate QSR stake buy

| 29/12/2011 | Reply

Business Times

The Malay Chamber of Commerce Malaysia (DPMM) has offered to facilitate, on behalf of the Tabung Haji Board, Amanah Saham Mara Bhd and Felda, the purchase of Kulim Bhd’s interest in QSR Brands Bhd worth over RM1 billion.

DPMM chairman Syed Ali Al Attas said the chamber’s move would prevent QSR becoming a private company if it is taken over by Johor Corp Bhd (JCorp).

JCorp now owns 53 per cent of Kulim, which has a 57.5 per cent stake in QSR, which in turn owns 50.6 per cent of KFC Holdings (Malaysia) Bhd (KFCH).

Syed Ali said invitation letters to the three entities will be sent today and their decisions are expected to be known tomorrow.

DPMM, he said, hopes Tabung Haji will not sell its 23 per cent stake in KFCH as this would affect the development of the halal industry.

“It would also contradict the government’s wish to see the participation of Malays and locals in the halal business,” he told a media conference in Kuala Lumpur today.

He also expressed concern that such a buyout would deny business opportunities for existing local entrepreneurs.

Syed Ali added DPMM would discuss with the three entities on the chamber’s offer of RM6.90 per QSR share compared to the RM6.80 offered by JCorp, adding he does not rule out the possibility of DPMM owning a stake in QSR.

On Dec 14, JCorp offered, through Massive Equity Sdn Bhd (MESB), to acquire 100 per cent of the businesses and undertakings of KFCH and QSR, including substantially all their assets and liabilities.

MESB is a special vehicle jointly owned by JCorp (51 per cent) and private equity fund CVC Capital Partners Asia Pacific (49 per cent).

Seven days later, the Boards of KFCH and QSR accepted the takeover offer and said categorically that they do not intend to seek any alternative bids. — BERNAMA

Category: Asia, Finance & Investment, Restaurants

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