Tabung Haji: Malay chamber did not ask our help with KFC bid
PUTRAJAYA, Jan 12 — Tabung Haji said today that it has not been contacted by the Malay Chamber of Commerce (DPMM) for help with the latter’s bid to gain control of lucrative KFC Holdings Malaysia (KFCH).
DPMM was earlier reported to have said that they will ask Tabung Haji, Felda and Amanah Saham Mara among others to help finance its bid for the popular fried chicken franchise.
Datuk Ismee Ismail who is group CEO of Tabung Haji told reporters today that they have yet to be approached by DPMM.
When asked if the pilgrims’ fund would be interested in KFCH, Ismee said that the details, which are still unknown, would have to be evaluated first.
“The company has to evaluate and due process must be made,” he said following the ceremony to handover a government leadership initiative to TalentCorp. “We don’t know the details of what DPMM proposed.”
DPMM said on December 29 that it will make an offer for Kulim Bhd’s entire stake in QSR Brands Bhd to protect Bumiputera interests in KFCH.
Kulim owns 57.5 per cent of QSR, which in turn has a 50.6 per cent stake in cash cow KFCH.
State owned Johor Corporation Bhd (JCorp), which has a majority stake in Kulim, proposed on December 14 with international private equity firm CVC Capital Partners Asia Pacific to privatise KFCH and QSR for an estimated RM5.24 billion, or RM4 per KFCH share and RM6.80 per QSR share.
DPMM said that it will recover the funds by franchising KFC to Bumiputera entrepreneurs who have expressed interest in the brand.
JCorp had however on the same day rebuffed DPMM’s bid.
“JCorp does not want to sell to outsiders. Full stop,” a JCorp spokesman told The Malaysian Insider when contacted.
The independent directors of both QSR and KFCH have approved the buyout offer and the companies will now have to call an EGM where at least 75 per cent of non-interested shareholders will have to vote in order for the deal to go through.
Earlier here today, the secretarial role of the government’s cross fertilisation programme, a talent exchange initiative between the public sector and GLCs was handed to TalentCorp.