Don’t sell KFC shares, Malay commerce chamber tells Tabung Haji

By Debra Chong

January 19, 2012

KUALA LUMPUR, Jan 19 — The Malay Chamber of Commerce Malaysia (MCCM) is counting on Lembaga Tabung Haji not selling its 23 per cent stake in KFC Holdings Bhd (KFCH) in a last pitch to protect Bumiputera business interests from foreign acquisition.

Its president Syed Ali Alattas suggested that if the federal Muslim fund caved in and sold its stake in the money-spinning food enterprise, it would trigger a chain reaction that could potentially put many Malaysians out of a job.

“I would sincerely urge Tabung Haji not to sell, if they are looking out for the interests [of the Bumiputera community],” he said, and gave a reminder that the majority shareholder, which is ultimately Johor Corporation Bhd (JCorp), intends to take KFCH private and may sell it to outsiders.

“They are going to delist, meaning they are going to take it out and chop up the corporation.

“What’s going to happen to the franchise? What’s going to happen to all our farmers?” he asked, pointing to the many small businesses nationwide that supply produce and other raw materials to the globally-popular Malaysian-owned fried chicken shop.

He paused before saying: “They’ll all be shut up.”

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