JCorp increases stake to QSR by 56%, says Johor Mentri Besar


  • Nation
  • Sunday, 01 Dec 2019

ISKANDAR PUTERI: Johor Corporation (JCorp) has increased its stake in QSR Brands (M) Holdings Bhd, which runs KFC and Pizza Hut outlets in South-East Asia, to 56% compared with 27% in 2012.

Johor Mentri Besar Datuk Dr Sahruddin Jamal, who is also JCorp chairman, said the company's investment value in QSR was now worth RM3.33bil.

"The remaining 44% belongs to private equity firm CVC Capital Partners and pension fund Employees Provident Fund (EPF), which always reviews their investment value, including selling their stakes in QSR.

"Maybe, due to this, rumours of QSR selling its stake came about," he said in his winding up speech during the state assembly sitting at Bangunan Sultan Ismail in Kota Iskandar here Sunday (Dec 1).

Sahruddin was responding to a Bloomberg report, which he described as speculative, that QSR owners are considering a sale of the fast-food operator after shelving an initial public offering earlier this year.

He added that JCorp has its own strategies to expand QSR’s business and it does not have to be in the restaurant or downstream side only.

He said JCorp plans to spearhead the halal industry by strengthening its position in the poultry industry.

"This will allow QSR to supply fresh and frozen chicken meat in Malaysia and the world market, boosting its potential in business and employment.

"I hope these facts will give a clearer picture if there are any doubts about JCorp," he said, adding that the state government would always help JCorp in enhancing its performance and contribute to the people of Johor.

QSR operates more than 830 KFC restaurants in Malaysia, Singapore, Brunei, and Cambodia, as well as more than 470 Pizza Hut outlets in Malaysia and Singapore.

It also breeds chickens and produces sauces, branding itself as a “farm to fork” food operator.

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Johor , State Assembly , QSR , JCorp

   

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