Malaysia's Johor Corp says not selling QSR, KFC

KUALA LUMPUR, Dec 27 (Reuters) - Malaysia's Johor Corp, the state investment arm of the country's southernmost state bordering Singapore, has decided it won't sell its indirect subsidiaries QSR Brands and KFC Holdings , upsetting plans of two rival foreign private equity bidders.
QSR and KFC Holdings, held via Johor Corp's 53 percent subsidiary Kulim, have been in the spotlight after receiving two unsolicited bids to buy the company, both of which involved foreign private equity firms.
Local tycoon Halim Saad had made a bid for QSR together with private equity firm CVC Group before the Carlyle Group made a better offer worth 1.94 billion ringgit ($618.8 million).
"QSR and KFC are not for sale," Johor Corp's president and chief executive Kamaruzzaman Abu Kassim said in a statement.

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