Monday, July 16, 2012

Brahims ... Jul12


It, which has an exclusive deal to provider catering services for MAS in a 25 year concession, is now venturing into sugar refining – another potentially lucrative business.

It acquired a 60% stake in Admuda Sdn Bhd, which holds a license to manufacture refined sugar and molasses in Sabah and Sarawak.

As sugar is a regulated commodity, Admuda’s license is only the third awarded by the government in over 20 years. The other two licenses are held by FELDA unit MSM and tycoon Tan Sri Syed Mokhtar’s Central Sugar Refinery Sdn Bhd.

The license was awarded to Admuda by MITI so that it could manufacture refined sugar for the Sabah and Sarawak market. Currently, refined sugar is imported from the Peninsula. Thus, it is a huge potential.

Its executive chairman is Datuk Ibrahim Ahmad Badawi who is the brother of former Tun Abdullah Ahmad Badawi.

Brahim has already secured a supply of raw sugar comes with a guaranteed buyback if the company cannot sell its products. Moreover, the sugar refining license, which is not easy to obtain does not limit Ibrahim’s market to Sabah and Sarawak. It allows exports as well.

Brahim’s is acquiring the 60% stake in Admuda for rm20 million via a combination of cash and shares and will invest rm130 million in setting up a sugar refinery in Kuching, Sarawak.

The group expects full earnings contribution from the refinery in FY2014 ended Dec 31.

Admuda has tied up with Thailand based Thia Roung Ruang Sugar Group, one of the world’s biggest suppliers of raw sugar, for its sugar refinery venture.

However the buyback is just a backup plan in case it cannot sell its sugar locally. Its intention is to meet Sabah and Sarawak’s demand. Currently (July 2012) all the sugar (in these two states) is imported from the peninsula at marked up prices and there is usually a shortage. The new refinery will address this problem.

Brahim will leverage TRR’s expertise in sugar refining. TTR’s owns and operates seven sugar refineries in Thailand.

A bonus for Brahim’s is that the sugar refining license does not limit its sales to the Sabah and Sarawak market. The best thing about the license is that they are allowed to export its products. The opportunity will be huge when AFTA opens up regional trade in 2015.

It also plans to produce value added sugar products in the future.

Aside from venturing from sugar refining, it is also fortifying its airline catering business. It is acquiring the remaining 49% stake in Brahim’s-LSG Sky Chefs Holdings Sdn Bhd from LSG Asia GmbH for rm130 million.

BLH controls 70% of LSG Sky Chefs-Brahims’s Sdn Bhd, which will be providing inflight catering services for MAS until 2028. MAS holds the remaining 30% stake in LSGB.

The proposed acquisition is part of Brahim’s strategy to penetrate new markets in in flight catering and kitchen services.

Once Barhim’s has a 100% stake in BLH, the group plans to work with airport operator MAHB to tap new markets overseas.

Barhim’s is expected to benefit from MAS taking delivery of the new A380s.

MAS is currently Brahim’s bugegst customers and contributes to its revenue.

Barhim’s provides in flight catering for over 30 airlines in KLIA and Penang Airport.

With the new acquisitions, Barhim’s will be kept busy for the next few years.

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