Kenny Rogers Get Listed

Will it be a letdown like Berjaya Retail Berhad?

Perhaps not, since fast food is hard cash.

Berjaya Food Bhd (BFood), en-route for listing on the Main Market of Bursa Malaysia Securities Bhd next month, expects to raise RM18.3 million from its initial public offering (IPO).

The operator of Kenny Rogers Roasters restaurants in Malaysia said the proceeds would accrue entirely to the offeror, Berjaya Group Bhd.

The company listing is scheduled for March 8 with a market capitalisation of about RM72.1 million.

Speaking at the launch of its prospectus here today, BFood Chief Executive Officer Datuk Francis Lee said the company has planned to open between eight and 10 new restaurants each year.

He said the company also aimed to increase the number of company-owned restaurants to 67 by financial year ending April 30, 2012.

To-date, 65 Kenny Rogers Roasters restaurants operate nationwide, of which 52 are owned by BFood while the remaining 13 are owned by independent franchisees.

“We are very excited about our future prospects. The local food service market is expected to grow in the coming years, driven by the increase in the average Malaysian consumption spending and the growing trend of eating out,” he said.

The IPO entails an offer for sale of 35.8 million ordinary shares of 50 sen each, representing 25.35 per cent equity interest in BFood, at an issued price of 51 sen.

Applications for the IPO opened today (18 February) close at 5pm on February 25,2011.

So,let us try our luck here, won't we?

7.2% GDP for 2010

Well, that is the number coming from Bank Negara Malaysia (BNM).

 
According to it, the Malaysian economy expanded by 4.8 per cent in the fourth quarter of last year bringing the total growth for 2010 to 7.2 per cent.

This is an improvement over the -1.9 per cent contraction the economy suffered in 2009 following the global economic slowdown.

“Higher private and public sector spending contributed to the expansion in domestic demand,” said BNM in a statement to the media. “The slower growth in the global economy, however, had led to weaker growth in external demand.”

Well, it is now official and will be used for onward planning.