Bye-bye, Sayonara KFC and QSR

Slaughtering the Fattened Chicken

As usual, drastic measures have been used to salvage bad decisions.

That Johore Corp has fumbled royally in taking loans recklessly to finance real estate and industrial projects has reached its nadir yesterday and today when the fattened cow and sheep has to be slaughtered to pay for the sins of the fathers.

Pizzazz No More!

As Johore Corp can no longer pay the billion dollar loans it owed Maybank and CIMB, it went out on a limb with beggar bowl in hand to Hong-Kong and the EPF.

So who pays ultimately-poor KFC and QSR shareholders who were forced to sell back their shares to these new owners.

While KFC was approved for a cash return of RM 4.00 ringgit, QSR shareholders were offered RM 6.80.

Today, as a tribute in swansong, Mr Ng one of the minority shareholders sang a dirge-like Sayonara for the fallen shareholders.

Shadow of Itself

And so closed a chapter of one the greatest SEDCs in Malaysia-the Johore Corp as it gets bailed out by the EPF and foreign money!

What a sham! What a shame!