In 2005, with the assistance of CIMB as the debt financier, Johor Corp managed to take control of KFC via its control of QSR (holding company of KFC). Unfortunately, Johor Corp was exactly in the same mould as the scenario I mentioned above. They are never financially strong to see through it but on the other hand, they know that it is a golden goose. They are reluctant to sell the goose. In keeping the goose however, their debt ballooned. (CIMB as the hand that fed them will definitely not sit still and allow that to happen - as the nation's most INNOVATIVE investment banker, why not make more from other fees besides the income from interest). Hence, the pressure for the Johor Corp Group to restructure their finances. To restructure, they need to do something with KFC.
To top off the mess, the Johor Corp group made some related party transactions which from news pissed off EPF. In an unusual move EPF which owned some 10% of KFC sold off its entire invested stake in KFC. I am not sure what are the reasons which caused this but if you look at some announcements, KFC was buying several pieces of land from Johor Corp for development of new restaurant sites and other business purposes. Transactions like this would be hard to quantify especially on its valuations and other strategic reasons.
Now with the new structure, EPF is back to KFC. It seems that EPF has already changed its perception in Johor Corp for them to now decide to have effective 25% control of KFC group. What makes them change their mind? Better control now? Tough one to convince I would say as the ultimate controlling shareholder remains the same. If those concerns however are really resolved, then I would say KFC is worth it as there are not many assets like this out there.
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