Felda eyeing JCorp’s QSR, KFCH stakes

December 20, 2011

KUALA LUMPUR, Dec 20 — Felda is among the potential buyers interested in Johor Corporation’s (JCorp) stakes in QSR Brands Bhd (QSR) and KFC Holdings Malaysia Bhd (KFCH), Bernama Online reported today citing an unnamed analyst.

“Felda can make a bid directly by offering higher prices than JCorp’s offer, but JCorp, as the controlling shareholder in KFCH and QSR, is still the one who makes the call,” the analyst was quoted as saying in the report.

JCorp recently partnered private equity fund CVC Capital Partners Asia Pacific (CVC), to buy plantation firm Kulim Bhd’s entire stake in QSR and KFCH.

Previous attempts to sell KFCH ran into objections from Malay rights group Perkasa, which insists the American franchise should remain in Bumiputera hands

Despite citing Felda’s interest, the analyst conceded it was unlikely for JCorp to unload KFCH at the present.

“It is impossible for JCorp to sell its cash cow although the group is loaded with debt and needs to settle RM3.6 billion by July next year,” the analyst said.

On Sunday, a JCorp official told The Malaysian Insider that the corporation’s move to take direct control of its food-related businesses last week will serve Bumiputera interests and lower its overall debt.

This followed claims by former chief executive Tan Sri Muhammad Ali Hashim that outside forces were orchestrating JCorp’s dealings and weighing the once-powerful state investment firm down with debt.