Thursday, June 16, 2011

Bjcorp ... Jun11

It is expanding its Kenny Rogers Roasters (KRR) chain of restaurants in China to tap the emerging economy’s huge population base. The company intends to set up new outlets in cities with populations of up to five million people each.

BCorp could use part of the proceeds from the sale of its 40% stake in Berjaya Sompo Insurance Bhd (BSompo) to finance its KRR ventures in China, the world’s second largest economy with a population of some 1.3 billion.

In May 2011, BCorp announced that Roasters Asia Pacific (HK) Ltd had obtained a business licence to establish a new wholly owned subsidiary, Kenny Rogers Roasters Catering (Shenzhen) Co Ltd (KRR Shenzhen), in Shenzhen, China. KRR Shenzhen will be wholly owned by Roasters Asia Pacific, which is a 100%-owned subsidiary of BCorp. According to BCorp, KRR Shenzhen plans to develop and operate the KRR chain of restaurants in China.

BCorp owns the global KRR brand through its subsidiary KRR International Corp. In April 2008, KRR International acquired the global brand, including its franchise rights, from US-based Nathan’s Famous Inc.

Berjaya Food Bhd (BFood), meanwhile, holds the exclusive franchise to develop and operate the KRR chain of restaurants in Malaysia. As at March 2011, BFood had 66 KRR outlets across Malaysia. The first restaurant was launched in 1994. BFood was listed on March 8 this year.

BCorp had also indicated that it planned to use proceeds from the sale of its stake in BSompo to finance its proposed development projects such as Berjaya Central Park, Berjaya Hills and Berjaya City, apart from the group’s food and beverage and automobile operations.

The conglomerate, via 51% subsidiary Changan Berjaya Auto Sdn Bhd, has been licensed by Chang’an Automobile Co Ltd — one of the largest manufacturers of passenger and commercial vehicles, buses besides special purpose vehicles in China­­ — to manufacture, assemble and distribute the Chana brand of motor vehicles in Malaysia.

Under a MoU between Changan Berjaya and regional market representatives, Malaysia will be made an export hub for the Chana right-hand drive vehicles for the Asean and African markets besides other right-hand drive vehicle countries.

Berjaya Brilliance Auto Sdn Bhd, a subsidiary of Changan Berjaya, has also been appointed to assemble and distribute Brilliance Jinbei commercial vans in Malaysia, and to export the vehicles across Southeast Asia.

BCorp, via subsidiary Berjaya Joy Long Auto Sdn Bhd (BJoy), has also signed a distributorship agreement with China-based Jiangsu Joylong Auto Co Ltd (JJA).
BJoy has been given the exclusive rights to sell, market and distribute JJA vehicles in Malaysia, Thailand, Indonesia, Vietnam, Cambodia and Laos.

Assembly and manufacturing of these vehicles is likely to be done in Malaysia.

BCorp has undertaken several notable corporate exercises involving its operating units in recent months.

In November 2010, BCorp said its subsidiary Inter-Pacific Securities Sdn Bhd (IPS), had signed an asset purchase agreement for the proposed sale of IPS’ existing business to a special purpose vehicle which would be jointly owned by IPS and Singapore’s Kim Eng Holdings Ltd.

On March 8 2011, BCorp completed the listing of BFood which operates the KRR restaurants in Malaysia.

On March 11 2011, the conglomerate’s founder and major shareholder Tan Sri Vincent Tan Chee Yioun announced his intention to privatise another of the group’s listed entities, Berjaya Retail Bhd (BRetail), which was floated some seven months earlier. Tan, via Premier Merchandise Sdn Bhd, is making an offer to acquire the remaining BRetail shares and irredeemable convertible preference shares he does not own at 65 sen a piece.

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