Bursa Malaysia Stock Watch

KFC Holdings (Malaysia) (Hold): A yummy offer

kltrader
Publish date: Thu, 15 Dec 2011, 09:30 AM
kltrader
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A RM3.2b offer. Massive Equity Sdn Bhd (MESB), jointly owned by Johor Corporation (51%) and CVC Capital Partners Asia III Limited (49%), has proposed to acquire the entire business, assets and liabilities of KFC at an aggregate cash consideration equivalent to RM4/share and RM1/warrant. Cumulatively, this values KFC's entire business at RM3.2b. We maintain our Hold call with a raised TP of RM4 to reflect the offer price, which we believe is attractive to shareholders.


Maybank research (15 December 2011)

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