JCorp: A doubtful offer to buy over stakes in Kulim Berhad

The recent offer made by the National Malay Chamber of Commerce to buy over the controlling interest of Kulim (M) Bhd through the Johor Malay Chamber of Commerce has not been well received by Johor Corporation (JCorp) management.

According to sources, JCorp expressed doubts on whether the National Malay Chamber of Commerce has the capacity to finance the purchase and the other contention is the Malay Chamber of Commerce is not even a company entity.

It is further said that the question remains whether the National  Malay Chamber of Commerce has the credibility to finance the purchase and its status of being a private company entity.

In short, the offer is not acceptable, said the source to Bernama here yesterday.

JCorp currently holds 53%  interest in Kulim (M) Bhd which in turn controls 57.5% shares in QSR Brands Bhd where QSR holds 50.6% interest in KFC Holdings (Malaysia) Bhd (KFCH).

Meanwhile, President of the National Malay Chamber of Commerce, Syed Ali Alatas said that they have not received any feedback from JCorp in regards to our offer to them.

Recently, former President and CEO of JCorp, Muhammad Ali Hashim alleged that JCorp management has planned to dispose off Kulim shares to a non-bumi company.

Previously, Komunitikini reported that the National Muslim Chamber of Commerce (DPIM) had passed a resolution in their recently concluded Annual General Meeting not to support the buy over.