JCorp may relist KFC, QSR

By Zaidi Isham Ismail

KUALA LUMPUR: Johor Corp Bhd (JCorp) plans to relist KFC
Holdings (M) Bhd and QSR Brands Bhd on Bursa Malaysia under a new
entity in the next four to five years.

JCorp president and
chief executive Datuk Kamaruzzaman Abu Kassim said it will do so once
the two firms are leaner and on a better financial position.

"It is our plan to bring both entities closer to JCorp. We want them to
achieve higher profitability so that they can be relisted and fetch a
higher premium.

"A new initial public offering framework will
be made for both companies. Just like the relisting of Maxis Bhd, we
want to repackage and relist them on Bursa Malaysia," Kamaruzzaman said
yesterday after signing a memorandum of understanding with Perbadanan
Hal Ehwal Bekas Angkatan Tentera (Perhebat).





KFC and QSR Brands were taken private last December in a RM5.1 billion deal by special purpose vehicle Massive Equity.

Massive Equity's shareholders are JCorp and the Employees Provident Fund (EPF), with the former holding a 51 per cent stake.

The EPF and CVC Capital Partners, a private equity firm, collectively
hold the remaining 49 per cent interest via Melati Asia Holdings Ltd.

Meanwhile, JCorp - which is Johor's state investment arm - is on track
to achieve a revenue growth of 10 per cent to 15 per cent this year.

It has set aside RM838 million in capital expenditure to be spread
across its core businesses, which are plantation, property development,
healthcare and quick service restaurant businesses.

JCorp's
companies include plantation-based Kulim (M) Bhd, KFC Holdings (M) Bhd,
QSR Brand Bhd, healthcare provider KPJ Healthcare Bhd and property
developers Johor Land Bhd and Damansara Assets Sdn Bhd.

Meanwhile, JCorp's partnership with Perhebat entails strategic training
programmes for children of retired army personnel to prepare them for
the job market and entrepreneurship.