Kuala Lumpur/Malaysia, Neu-Isenburg/Germany – LSG Sky Chefs (through LSG Asia GmbH) and Brahim’s Holdings Berhad (Brahims) have signed a share sale agreement for the sale of LSG Sky Chefs’ (LSG) minority stake in the joint venture company Brahim’s – LSG Sky Chefs Holdings Sdn Bhd to Brahims. The agreement is subject to respective corporate approvals of both companies and the transaction is expected to be completed in the third quarter of 2012.
The joint venture company, Brahim’s – LSG Sky Chefs Holdings Sdn Bhd, acquired in 2003 a 70 percent stake in LSG-Sky Chefs-Brahim’s Sdn Bhd, a company engaged in airline catering services in Kuala Lumpur and Penang. Brahims is purchasing the LSG’s stake in order to meet the national aspiration of 100 percent Malaysian ownership. The relationship between the two partners will continue within the framework of a technical assistance agreement, under which LSG Sky Chefs will continue to provide operational and management support for the two facilities.
“Our sincere thanks go to LSG Sky Chefs for their many valuable contributions to upgrading our airline catering activities here in Malaysia. Brahim’s has also provided much valued Halal expertise to the current airline catering operations,” says Datuk Ibrahim bin Haji Ahmad of Brahim’s Group Executive Chairman. “We look forward to LSG’s continued support within the framework of the new agreement.”
“The Malaysian catering operations are state of the art and serve many of our worldwide customers,” says HK Cheung, LSG Sky Chefs’ RCOO Asia/Pacific. “In order to further meet and exceed airlines’ and passenger’s expectations we are proud and happy to stay on site with our established and in-depth expertise, thus providing the highest quality in food safety and service.”
About Brahim’s Holdings Berhad:
Brahim’s Holdings Bhd is a catering, logistics and bonded warehouse operator listed on the Main Board of Malaysia’s Bourse, Bursa Malaysia. The group produces over 45,000 airline meals daily and operates 12 restaurants at the Kuala Lumpur International Airport, Penang International Airport and in the capital city. Together with its related companies in the Brahim’s Dewina Group, the enlarged Group provides over 92,000 meals daily from 65 catering centers in Malaysia and Jordan, making it one of Malaysia’s largest Halal food operator.