Top officials at Johor Corp Bhd (JCorp) are planning to meet soon to decide on the best plan of action on how to deal with its debt issues. Among the plans are to get an independent view on pending deals, its assets and liabilities and to help it decide on the best way forward.
Meanwhile the Malay Chamber of Commerce Malaysia (DPMM) is keen to acquire the 53% equity in Kulim (Malaysia) Bhd, a subsidiary of Johor Corporation Bhd (JCorp), to ensure control of the company remains in the hands of Bumiputeras.
Its president Syed Ali Alatas said the chamber, through the Johor Malay Chamber of Commerce Foundation, was ready to acquire the stake with the support from other Bumiputera companies to save the Bumiputera business asset, JCorp, which was had RM3.6 billion in borrowings.
They are prepared to acquire the stake in Kulim if JCorp is forced to sell it. However, DPMM is willing to back out if there are other Bumiputera companies interested to buy the stake.
The DPMM offer comes in light of news reports that JCorp was keen to sell its assets, including equity in Kulim, to pare down its mountain of debt.
Former President and Chief Executive of Johor Corp (JCorp) Tan Sri Muhammad Ali Hashim claimed there were rumours that the JCorp management was planning to sell Kulim.
JCorp holds a controlling 53% stake in Kulim, a plantationgroup, which in turn owns 57.5% of QSR, which holds a 50.6% stake in KFC Holdings (Malaysia) Bhd.
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