Pak Lah's 4th Floor legacy to sell asset to foreigners continues with KFC [up-dated]

MyKMU is on a warpath over the sales of KFC.

What strikes us is why is this habit of selling valuable asset still occuring under Dato Najib's watch? This is one of the main grouses against the policies of Pak lah.

During Pak Lah's reign, he gave his corporate newbie boys the free hand to sell national assets to foreigners. Now that Pak Lah is no more around, why is this still continuing?

These young corporate boys are being paid handsome salary. When are they going to show us that they are capable of building something?

Below is an open letter to Menteri Besar of Johor:

Ke Hadapan YAB Dato Haji Abdul Ghani Othman.

Isu penjualan KFCH yang mana JCorp mempunyai kepentingan majoriti kembali hangat menjelang pilihan raya umum ke-13. Sama ada ia dirancang oleh pihak tertentu atau atas “kebebalan” Lembaga Pengarah JCORP sendiri sukar dipastikan.

Setahun lalu isu Kentucky Fried Chicken (KFC) riuh-rendah apabila Johor Corp bercadang untuk menjual syarikat makanan terkemuka ini. Alasannya ialah Johor Corp memerlukan wang tunai segera untuk mengatasi masalah hutangnya yang bernilai RM 6 bilion.

Setelah mendapat bantahan dan kritikan pelbagai pihak, isu penjualan KFC Holdings ini tiba-tiba senyap tanpa sebarang berita. Orang awam terutamanya orang Melayu tertanya-tanya apa yang terjadi kepada KFCH. Apakah inisiatif penjualan ini telah dihentikan atau dijalankan di belakang tabir.

Menurut blog Sanggah Tok janggut, usaha-usaha ini terus berjalan sekarang. Jika ini benar ia merupakan satu keadaan yang sangat mendukacitakan. Lebih mengelirukan mengapa YAB Dato’ selaku penjaga ekuti Johor Corp membenarkan kegiatan seperti ini berlaku. Majoriti ahli UMNO, majoriti orang Melayu dan majoriti orang Islam tidak akan rela dengan keputusan menjual kepentingan majoriti KFCH ini kepada syarikat bukan Islam.

Jika suatu ketika dahulu Johor Corp sanggup bersepak terajang dengan usahawan Melayu lain untuk mengambil alih Kulim Berhad atas alasan untuk menjaga kepentingan bumiputera dalam industri makanan halal. Sekarang apa yang terjadi?

Banyak lagi aset lain Johor Corp yang boleh dicairkan atau dijual bagi membayar hutang berjumlah RM 6 billion itu mengapa KFCH menjadi pilihan.

Sebenarnya kedudukan KFCH sangat kompleks kerana ia tidak dimiliki secara langsung oleh Johor Corp. Ia dimiliki melalui Kulim Berhad. Dilaporkan JCorp hanya memiliki 53% saham Kulim. kulim pula memiliki 57.5% saham QSR. QSR pula memiliki 50.6% saham KFCH.

Bayangkan betapa kompleksnya pemilikan saham KFC dan tidak mungkin JCorp boleh mendapat kesemua wang penjualan KFC ini untuk membantunya melunaskan hutang. Jumlah yang akan sampai kepada JCorp mungkin tidak sampai separuh pun daripada harga jualan.

Bagaimanapun perkembangan terbaru menyaksikan JCorp bersama Kumpulan Wang Simpanan Pekerja dan sebuah syarikat pelaburan Asing berjaya mengambil alih KFCH. Dengan kata lain proses penjualan kini menjadi lebih mudah dengan hanya tiga pihak perlu membahagikan keuntungan.

The RM5.2 billion privatisation of KFC Holdings (M) Bhd and its parent QSR Brands Bhd will be completed on Monday, subsequently paving the way for the delisting of both firms. 

QSR Brands managing director Datuk Ahmad Zaki Zahid said KFC and QSR shareholders will be paid on January 23 and January 25, respectively. 

“The RM5.2 billion privatisation cost is being paid by Johor Corp Bhd (JCorp), the Employees Provident Fund and CVC Capital Partners,” Ahmad Zaki told reporters here yesterday at the launch of Pizza Hut’s latest offering, the Golden Harmony Feast
Read more: QSR, KFC privatisation to conclude on Monday 

http://www.btimes.com.my/Current_News/BTIMES/articles/20130118001028/Article/index_html#ixzz2JHIw7M8c

Melalui pengambilalihan ini ia akan memudahkan urusan jual beli pada masa akan datang. Oleh kerana JCorp berhadapan masalah kewangan kemungkinan besar transaksi ini melibatkan jumlah saham yang besar menjadi milik CVC Capital Partners dan EPF.

Pembabitan CVC Capital Partners menimbulkan syak wasangka yang sangat besar bahawa JCorp telah bersedia untuk menjual KFCH kepada pihak ketiga selepas selesai proses pengambil alihan ini. Jika tidak benar, Dato’ Menteri Besar perlu tampil menjelaskan kedudukan sebenar. Rakyat terutamanya ahli UMNO berhak tahu apa yang akan berlaku kepada KFCH yang berada di bawah jagaan JCorp.

YAB Dato’ Menteri Besar,

Saya percaya kerja-kerja penjualan dan pengambil alihan aset sebegini sebenarnya dirancang dan dilakukan oleh “penyangak-penyangak” (crooks) perniagaan yang akan membuat keuntungan melalui proses penjualan ini. 

Mereka yang mencadangkan kepada Tan Sri perkara ini sama ada mempunyai kepentingan dalam pengambil alihan atau mempunyai tujuan membuat keuntungan sekelip mata dalam proses penjualan ini. Banyak cara untuk kumpulan ini membuat keuntungan untuk transaksi ini.

Proses pengambil alihan korporat sebegini selalunya lebih menguntungkan lembaga pengarah dan individu tertentu yang merancang proses ini.

Adalah lumrah perniagaan bahawa JCORP berhak untuk menjual mana-mana kepentingannya bagi tujuan pengembangan atau proses rasionalisasi perniagaan. Cuma janganlah diberikan alasan-alasan bodoh seperti mahu membayar hutang JCorp yang akan matang pada Julai 2013.

Khabar angin bertiup kencang bahawa cadangan penjualan ini timbul selepas kemasukan beberapa nama dari pentadbiran Abdullah Ahmad Badawi dan Ethos ke dalam KFCH terutamanya Datuk Ahmad Zaki Zahid. Memang nama Zaki Zahid dibawa oleh “orang yang lebih besar” daripada Menteri Besar, namun sebagai Menteri Besar yang telah berpenggal-penggal apakah Dato sanggup membiarkan hal ini terjadi?

Apalah sangat kehilangan jawatan Menteri Besar berbanding Dato mengakhiri kerjaya dicemuh oleh ahli UMNO dan orang Melayu keseluruhannya?

Seelok-eloknya, adalah lebih wajar JCorp mengarahkan KFCH menjual cawangan-cawangan KFC kepada usahawan kecil bumiputera untuk dijalankan secara sistem franchaise seperti mana yang dilakukan oleh McDonald.

Ingatlah JCorp ditubuhkan atas iltizam dan kehendak orang Melayu Johor dan UMNO untuk menjaga kepentingan bumiputera. JCorp bukan syarikat korporat biasa yang menjadi alat lintah-lintah kapitalis membuat keuntungan pelbagai peringkat untuk diri mereka sendiri.

Inilah yang sepatutnya ditegaskan oleh Dato Menteri Besar kepada lembaga pengarah JCorp yang rakus dan berfikiran kapitalis tulen.

Nota Untuk Ahmad Zaki Zahid:

Cukuplah apa yang terjadi kepada pentadbiran Tun Abdullah Ahmad Badawi. Sepatutnya saudara selaku Ketua Pemuda UMNO Putrajaya, EXCO Pemuda UMNO Malaysia yang berada dalam KFCH sekarang ini perlu mencari jalan membantu usahawan bumiputera berkembang di bawah payung KFCH bukannya melingkupkan pula KFCH.

If still in government, Zaki Zahid would sell PM's office in Putrajaya to foreigners too

Terdapat 500 outlet KFCH ini jika saudara cadangkan kepada sistem franchaisee ia boleh yang boleh dijual sekitar RM 2 juta sebuah. Dalam masa yang singkat KFCH boleh mendapatkan sekitar RM 1 bilion. Dalam masa yang sama saudara boleh mewujudkan 500 usahawan bumiputera baru.

Melalui kaedah ini juga KFCH dapat mengatasi masalah pengurusan outlet-outletnya yang sangat teruk sekarang ini. Layanan, servis dan penyelenggaraan outlet-outlet KFC jauh ketinggalan berbanding saingan utamanya McDonald mahu pun syarikat makanan segera lain.

Ini kerana KFCH masih lagi mengamalkan kaedah Master Franchaise menguasai semua outlet. Akibatnya ia dilihat berhadapan dengan masalah pengurusan sumber manusia. Pengurus outlet tidak melihat outlet tersebut sebagai perniagaannya tetapi sekadar makan gaji daripada KFCH. Hasilnya banyaklah insiden-insiden yang tidak enak mengenai KFC muncul di dalam ruang siber.

Cukup-cukuplah kerja buat untung atas angin. Buatlah kerja untuk orang Melayu sama.

Sumber: www.mykmu.net

The questions are:

Do they not have any other means of instituting corporate restructuring or fund raising or improving efficiency other than to sell valuable assets or downsizing or retrenchment?

They are supposed to turnaround companies but most of the time, they failed in any attempt to do so. Case in point is fund manager-led Khazanah that admitted failure to turnaround MAS, UEM and Proton.

Heard that Dato Nurjazlan and Khazanah is reluctant to turnaround or practically refuse to manage UDA. He doesn't care that UDA is only selling their valuable properties.

He doesn't bother that he is known to be dishing contracts to crony. Uninterested to build up landbank or team of management. He is doing retrenchment but replaced by highly overpaid inexperianced newbie corporate boys.

His idea to outsource to China companies was basically out of his own laziness.

He could put more effort for his personal companies and brag about his family development companies and his mother's family interest in Equatorial Hotel but he is not bothered to do anything for UDA that he is Chairman off.

Why is this still going on?

To achieve high income model, the basic premise has to be about building things or make goods or provide services. Create real values and not financial values on books or through one off sales of asset.

Update 30/1/13 8:45 AM:

Reply from Big Cat here, below:

The feedbacks I got was that the issue was engineered by someone who was pissed off with Ghani for refusing to give him a contract. 

This person then decided to use the whole thing to vilify Ghani in the blogs in the hope of tarnishing the MB's reputation with the election being just around the corner. Ghani was to be projected as failing in safeguarding Malay interests and as a person with no jati diri Melayu.

Of course the ex-fourth floor boy was conveniently there in the midst of things, so that those least familiar with it would thought that the target is just Zaki Zahid. 

The actual fact is that, Ghani is the real target. And, the ultimate aim was to remove him from the MB post. They just can't wait for the election to be over to do that. 

I was given the details of this person who engineered this campaign against Ghani but decided not to reveal it here because it may cause a stupid fight between us pro-BN bloggers. We don't need such thing as all our energy and time now need to be utilised for BN's preparations for the election.

Sorry Big Cat buddy.

That is no reply. It is just you saying I know what happen but I can't tell you what it is. However, we have to believe you because you are Big Cat.

If Big Cat thinks that delaying the reply till after the general election or like Raja Ropiaah, refuse to deal with it now will help UMNO in the upcoming general election, then UMNO and it's leaders has a serious shortfall in their understanding of today's political public relation or propaganda practise.

They are thinking like in the stoneage.

Wake up!

The new milleneum is already into it's 13th year. Something as irrelevent as an event in a University campus can become viral and be a national buzz. This is no more the dark ages where only mainstream newspaper have monopoly in information and news dissemination.

More so, when youngsters and public are increasingly relying on online sources of information, be it true or false.

Public will only believe those with fact or a story they deem as believeable. It is no more about truth but being convincing. So do remember that this is no more the age where the denial of an authority is the answer. Fighters for justice, fairplay and truth have to promote the truth as much as purveyors of falsehood are aggressively selling lies.

Even if Big Cat wants to help the election campaign, denying election campaigners the answers puts them in the spot. How will it look on an answerless UMNO when even superliberal Anwar is know claiming he will fight for the Malays?

As far as our experience is concern, Dato Ghani Othman stole the KPRJ idea from our concept paper and hired others to draw up the shabby plan that caused problem to the Johor state government. He denied this Melayu from getting paid for his intellectual capital. What are we to make out of the current issue?

He deserve to get in trouble and will get in trouble should he decide to remain silent.

Sure... Johor Corporation has to address it's high debt level.

But, anyone that undergone MBA training or had experiance turning around companies would know that the basic standard practise in any turnaround or downsizing is for one to keep the profitable and more important, cashflow generating outfit and sell unprofitable and cash draining outfit.

What ever the guy's intention on Gani is irrelevant, why is KFC being sold off? What is the rationale?

Why not sell down and give management control to Bumiputera entrepreneours, particularly Johorean entrepreneours? After all, Gani returned to Johor with the promise to create 100 Malay entrepreneours. How many has he created since?

We remember.