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The sale of Kian Joo Holdings Bhd’s stake in Kian Joo Can Factory Bhd (KJCF) may have hit a snag again.

This is the latest twist in the saga of the See family’s long drawn-out dispute to dispose of its 34.64% stake in KJCF.

It is believed that a majority of the See family or contributories of Kian Joo Holdings have voted not to sell a 32.9% stake of KJCF to another can maker, Can-One Bhd, at a meeting with Kian Joo Holdings’ liquidator KPMG Corporate Services Sdn Bhd yesterday.

A source said if KPMG heeded the objection of the contributories the sale might not go through.

“This is a possible scenario as the liquidator was the one who called for the meeting to hear the contributories out. They will try to make everyone happy or there may be even more lawsuits heading their way. Nevertheless, it is all in the hands of the liquidator,” the source said.

Last month, Can-One through its wholly-owned subsidiary Can-One International Sdn Bhd entered into a share sale agreement with Kian Joo Holdings to buy a 32.9% stake in KJCF for RM241.12mil or RM1.65 per share.

This resulted in a legal suit by KJCF managing director Datuk See Teow Chuan and 13 others who claimed that the transaction was “illegal”.

This is the second attempt to sell the stake in KJCF after a bid from Cycle & Carriage Singapore fell through following objections from both parties in 1999.

Last year, poor market conditions foiled Teow Chuan’s purchase of the said stake. KPMG was not available for comment at press time.

The See family dispute started some 14 years ago and split the See family into two factions.

It also led to proceedings to liquidate the Sees’ private holding company Kian Joo Holdings.

The faction led by Teow Chuan wants to liquidate Kian Joo Holdings by selling the shares through open tender and having the proceeds distributed among the See family members while the other faction, led by his younger brother and KJCF executive director Datuk Anthony See, wants the liquidation done via a distribution of the shares in specie.

Shares of KJCF were up 1 sen to close at RM1.20 yesterday.

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• Can-One Kian Joo saga coming to end
• Can-One to buy 32.9pc of Kian Joo

KFC Holdings (M) Bhd (KFCH) plans to open 10 KFC restaurants in Mumbai and two in Pune by end-2010 as part of its foray into the Indian market.

“KFCH has been given the rights by Yum! Restaurants (India) Pvt Ltd, the franchisor, to open and operate KFC restaurants in India, particularly in Mumbai and Pune as a start,” chairman Tan Sri Muhammad Ali Hashim said after the company AGM yesterday.

Mumbai, the economic hub of India, has 20.9 million population while Pune, an educational centre, has 5.7 million. “With the combined population exceeding Malaysia’s, we would have some work before moving to other cities (in India),” Ali added.

Currently, there are two KFC restaurants in Pune and four in Mumbai, of which two are owned and operated by Yum! and the remaining two run by local franchisees.
Tan Sri Muhammad Ali Hashim … There are only 45 KFC restaurants in India compared with 444 in Malaysia

“There are only 45 KFC restaurants in India compared with 444 in Malaysia. Although Yum! has its own operations there, the number is still small, hence there are opportunities for others to come in,” Ali said, adding that the investment would cost almost RM20mil and be funded internally.

KFCH does not expect India to be a significant revenue contributor in the next two to three years until it has set up at least 10 to 12 outlets.

Meanwhile, Ali said profit margins were likely to improve this year given that prices of corn, soybean and crude oil were off their peak levels due to the present weak economic conditions. Last year’s gross profit margins fell slightly to 51% from 55% previously.

KFCH is anticipated to release its first-quarter results next month. “We were challenged in February, but we’re confident of maintaining last year’s first-quarter performance,” Ali added.

The company, which opened 37 new outlets in Malaysia last year, intends to launch 40 more new restaurants in 2009.

It also operates KFC restaurants in Singapore and Brunei.

Its parent, QSR Brands Bhd, on the other hand, is the franchisee and operator of Pizza Hut in Malaysia and Singapore. It also operates four KFC outlets in Cambodia.

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