Carlyle makes opportunistic bid for Malaysia’s QSR Brands
The Carlyle Group has informed palm oil and plantation giant Kulim that it wants to acquire its majority stake in Malaysian integrated food services business QSR Brands Bhd, according to reports.
Kulim owns 57.8% of QSR, which in turn owns 51.2% of KFC Holdings, and controls franchises for iconic brands Kentucky Fried Chicken plus Pizza Hut in Malaysia, Singapore and Brunei. KFC is also picking up business momentum in India, and so is a hot regional brand.
The offer is approximately MYR1.94 billion ringgit ($619 million), 18% more than a previous offer by local tycoon Halim Saad. This was rejected by indirect QSR stakeholder Johor Corp, which is the investment arm of the state of Johor, adjacent to Singapore. JCorp is also the majority owner of Kulim. The problem is that it is overburdened with debts of about MYR3.2 billion ($1.01 billion) which are due and payable in 2012. There is, as yet, no time frame; but due diligence is under way, according to the Mayalsian Star.
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