Monday, 18 February 2013

KFC and QSR....hopefully the last explanation.

I am actually a bit tired of helping those guys at JCorp, especially in trying to explain to some bone heads that their accusations about KFC and QSR will be sold to some hobbits or elves or orcs or some sorts of other non-Malays were actually just crap. Been doing that too many times already leh.


But since I keep on getting requests from Johor MB's people to help them out, so I give face lah....but this time those JCorp people better do something for me in return for my help. I want them to donate some money to the Cavalry's autism centre in JB. If they do that generously, I will help them again in future. Otherwise, this is going to be the last time I am helping them on this nonsense.

OK, let's start by making it clear that the following are facts and figures obtained from sources including those from Suruhanjaya Syarikat Malaysia and Bursa Malaysia Bhd. By the way, to my friend Big Dog who posted this recently....

The Four-in-Triple finger lickin’ good

...I hope the following will help if not erase, than at least ease some of your worries.

Well, Johor Corporation had decided to privatise its cash cow food business (both QSR Holdings and KFC Holdings) in order to put the food business directly under its control. Previously (ie before privatisation), Johor Corporation only has a direct economic interest of less than 13% on KFC and less than 25% on QSR as both are held through Johor Corp's 60% control of Kulim Berhad. The basic idea is that by privatizing both QSR and KFC, the economic interest of Johor Corporation in QSR/KFC will be at more than 51% for both.

The Special Purpose Vehicle (SPV) used to acquire the company is Triple Platform Sdn Bhd. It is triple platform referring to the 3 parties involved as shareholders, namely Johor Corporation (51% through Massive Equity Sdn Bhd), EPF and a private equity company CVC (49%) through Melati Asia Sdn Bhd. There are no other shareholders in Triple Platform Sdn Bhd.

Iskandar Waterfront Holdings, Tabung Warisan Johor and others are NOT shareholders of Triple Platform Sdn Bhd or Massive Equity Sdn Bhd. The only shareholder of Massive Equity Sdn Bhd is Johor Corporation ONLY. This can be confirmed through a simple shareholding check with the Suruhanjaya Syarikat Malaysia.

Furthermore, there are only 5 directors in Triple Platform Sdn Bhd. The Chairman is a Director of Johor Corporation, 1 Director is a Senior Management of Johor Corporation, 2 Directors are representatives of EPF and CVC, and the Managing Director is Ahmad Zaki Zahid, the ex-fourth floor boy. There are no representatives of other so called 'shareholders'.

The main financial adviser to Johor Corporation in the privatisation process is a local bank, and assisted by a local legal firm. No foreign bank or foreign advise was used in the process by Johor Corporation or its associate companies.

All the above facts can be verified by simply checking with the official sources.
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18 comments:

  1. Anonymous18 February 2013 at 10:49

    So why cannot sell to non malays? Is it because non malays second class citizens? Guess you call people racists only when it suits your agenda.

    ReplyDelete
    Replies
    1. Anonymous12 April 2013 at 10:15

      why penang port cannot sell to malays?Is it because malays malas and incapable?pot calling the kettle black..

      Delete
  2. Anonymous18 February 2013 at 11:09

    In all public announcements by Dato Kam(CEO JCorp) , it was always mentioned that JCorp owns 51% of MESB.
    Now where did they get the story about Iskandar Waterfront Holdings' involvements.
    BigDog even came out with charts and shareholding details which can be convincing or confusing which way you look at it.
    As Johorean and staff of JC subdidiary company, we are very concerned as we have been defending this good corporate move to all friends and crtics.
    Are we seeing the 'elite bloggers' still being haunted by the ghost of level 4 just as how they were haunted by the ghost of Johore not too long ago.

    wak


    ReplyDelete
    Replies
    1. Special Vehicles of Robber Barons19 February 2013 at 00:48

      BigCat why SPV. Why the need for Special Purpose Vehicle? Why not a normal business transaction?

      A Special Purpose Vehicle is only used when corporate
      Robber Barons want to steal from the financial systems. The Special Purpose Vehicle is designed to bypass Bank Negara regulations or Bursa regulations.

      So we must query why Bank Negara Governor allows Special Vehicle purposely built to rob the financial system is allowed. The Joker in Batman use a Special Purpose Vehicle to rob Fort Knox and here in Malaysia, Bank Negara lets Robber Barons use Special Vehicle with impunity.

      You must realised, the SPV is designed to pretend that the directors was not involved in the scheme but actually they were the ones iniating them. It may be difficult to prove but SPRM should be able to coax more details from the dummy directors of the SPV who paid them to be directors?

      Are they independent and can they choose other buyers other than those who paid them. Dummy directors of dummy companies like SPV may be involved in criminal activities if they were specifically designed to by pass Bank Negara.

      Delete
    2. BIGCAT19 February 2013 at 01:14

      I see no point in explaining any further to people like you. I had simplified my reply for the convinience of everyone. I actually have a whole stack of stuff from my sources regarding this issue but decided not to waste my time and energy trying to write a long posting on this nonsense. My focus for this blog is on the coming election. This issue is a distraction. I actually wanted to post my take on the Dr Boo versus Chua Jui Meng fight for today but have to give way because of this stupid nonsense which was started by people who claim to be pro-BN but are actually parasites who are bleeding the BN for their own self interests. These people are actually worse enemies of BN than the Pakatan people.

      Delete
  3. Anonymous18 February 2013 at 11:19

    "I want them to donate some money to the Cavalry's autism centre in JB."

    Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Even if they didn't do it, I just wanna say "Thank you for the kind thought".

    ReplyDelete
  4. Anonymous18 February 2013 at 13:03

    For those who don't google ...
    http://announcements.bursamalaysia.com/edms/edmswebh.nsf/all/11E791BA4CCDE4CC48257A11005DE300/$File/QSR%20Announcement%20%2818%20May%202012%29.pdf
    ..here shows the shareholding and BOD of MESB/TPSB as at 16 May 2012.
    Anyone having more updated documents , please show.

    wak

    ReplyDelete
  5. Anonymous18 February 2013 at 14:01

    Bigcat really think highly of herself...lol....i help you you help me !!

    ReplyDelete
  6. Anonymous18 February 2013 at 15:21

    Let BC say whatever she wants lah. We are discerning readers.

    ReplyDelete
  7. Anonymous18 February 2013 at 16:02

    New but not that new ...TEXAS Chicken. No headache who owns it who cares as long as SEDAP and HALAL.


    Foods pun sudah jadi problem, Just eat la and enjoy not stress meh.....

    ReplyDelete
  8. Anonymous18 February 2013 at 16:16

    What happen to Price of KFC Nasi + 1 Ayam & Milo = 8.80/9.25 after tax, before that Nasi + 1 Ayam, coslow + cool drink(set C) = 5.99/6.30 after tax.

    now day so expensive lah..... to pay Lavel 4 CEO

    ReplyDelete
  9. Anonymous18 February 2013 at 16:51

    yukkss.... havent been inside KFC in years... too greasy..too junky. Not a fan of chemical-hormone-fat laced chicken...ewwwww

    ReplyDelete
  10. Cowboy18 February 2013 at 18:51

    Full credit to you, BC for your show of support to the autism centre. As you have stated, even after researching I don't see any direct ownership connection between IWH and MESB. I know you are fed up with helping out JCorp, but if this wasn't big news in 2011 when the deal was announced, then do you know why is it big news now? Is it just because EPF and CVC are getting involved?

    ReplyDelete
  11. Anonymous18 February 2013 at 21:00

    To Anon 10:49
    when the Malay gives business to Malay,you called it cronysm, being racist, biased, or a to suit own's agenda. BUT when the Malay give business to Chinese, you called that fair business....AND WORST if Chinese give to Chinese, you said the Malay has no right to ask from chinese...
    YOU RACIST FARGIN Bas*&#@...!!!

    ReplyDelete
    Replies
    1. Anonymous19 February 2013 at 10:48

      Hey moron..
      Which part of my article say the chinese cannot give business to malays and have no right to ask from the chinese. When we live in a multi racial country like ours we cant say we should not patronise which business that is own by a particular race. I just wanna stress that in business we should be fair and the person that gives the best deal should clinch it and not depend on ones race or colour.In the case of KFC it has been stressed that it will remain in the hands of the malays and cannot be sold to other races. Isnt that kind racist?

      Delete
  12. Anonymous18 February 2013 at 21:27

    Timaksih akak. Semuga akak diberkati Allah sentiasa.

    Parit imam

    ReplyDelete
  13. Anonymous19 February 2013 at 12:38

    Expensive dont go anymore so many makan place nowdays. Just pick and go so many fried chicken sold everywhere...buy the one that you can afford.

    i like kfc but not the nasi, i love kenny rogers chicken and mcd burger plus that pasar malam nasi ayam kukus. Malaysia - lot to offer and we havethe freedom to choose just makan la...sakit murah pun tak boleh makan...hey you guys take thing easy....feel expensive dont go...at least we never run out of foods...Thanks GOD

    ReplyDelete
  14. Anonymous23 February 2013 at 19:21

    dapinsider.com and stopthelies.com got hacked just now. Is DAP ultra kiasu or really scared of being exposed ? Is this gag order in another form ? Where is freedom of speech ? Can we say this is playing dirty , before GE already paly dirty, can you imagine if they lose , all hell might break loose .

    ReplyDelete