JCorp increases shares in QSR, no plans to divest stake


JOHOR Corp (JCorp) has increased its stake in QSR Brands (M) Holdings Bhd, which operates KFC and Pizza Hut fast food chains in South-East Asia, to 56% compared to just 27% in 2012.

Johor Mentri Besar Datuk Dr Sahruddin Jamal (picture) said this has increased JCorp’s investment in QSR Brands to RM3.33 billion.

He said the remaining 44% of QSR Brands’ equity is held by CVC Capital Partners and the Employees Provident Fund which would constantly evaluate the level of their investment, including divesting their stake.

“Perhaps, due to this sort of thinking, this kind of talk arises (that JCorp is divesting its investment in QSR). Let me stress that this is merely a speculation,” he said when winding up debate on the Johor 2020 budget at the Johor State Assembly in Kota Iskandar yesterday.

Dr Sahruddin, who is also JCorp chairman, was responding to a question over the divestment of KFC and Pizza Hut restaurants in QSR Brands raised by Hahasrin Hashim (Barisan Nasional-Panti).

This emanated from a foreign media report last week that the owner of QSR Brands is considering selling KFC and Pizza Hut fast food chains for about S$1.96 billion (RM6 billion).

Dr Sahruddin said JCorp’s strategy is to further grow QSR Brands, not just in the form of restaurants, but also to drive the halal industry by strengthening the middle and upstream segments of the poultry industry.

“This will enable QSR Brands to supply fresh and frozen halal chicken products in the Malaysian and global markets — a potential and bigger strategy in terms of the economy, employment or entrepreneurship,” he said.

He said the state government would always help JCorp further enhance its business performance, so that it could continue to play its maximum role to the state and the people of Johor.