corporate

statement

Fellow Shareholders

We are pleased to announce that our Group has outperformed itself even in the face of
the worst financial crisis of this generation. Commitment to the principles of expansion
and promotion, in addition to the implementation of strategic cost control initiatives,
has paid off with record results.

The sustained outstanding performance goes to prove the point that the strategic shifts
put in place upon the transfer of stewardship of the Group that occurred since 2007 had
created and added tremendous value.
These strategies have fully leveraged
the fundamental inherent strengths
availed to the Group such as from its
powerful global brands, its effective
operating systems as well as its
dynamic business model.

It gives us great pleasure to

present the Corporate Statement
of KFC Holdings (Malaysia) Bhd
(KFCH) for the financial
year ended 31 December 2009.

TAN SRI DATO’ MUHAMMAD

ALI HASHIM (Seated)
CHAIRMAN

AHAMAD MOHAMAD (Left)

DEPUTY CHAIRMAN

JAMALUDIN MD ALI
MANAGING DIRECTOR

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annual report 2009
2009 Economic Review

All ASEAN countries have faced a tough year, with some

dipping into recession. The Global Economic Crisis
washed over the region, in the process spreading the
effects of low exports, high commodity prices, job losses
and general market volatility. Poor economic prospects
led a number of Governments, including Malaysia, to
instigate stimulus packages. The good news is that these
initiatives appear to be working; third and fourth quarter
figures are showing a bounce back from the first half of
the year. As a result, KFCH is cautiously optimistic that
the worst of the crisis is over, in South East Asia at least.

At year end, Malaysia posted a GDP growth of -1.7%,

significantly lower than the positive growth of 4.6% in
2008. As mentioned above, the Government’s stimulus
packages have resulted in a brighter end to the year: the
economy grew by 4.5% in the fourth quarter. Sustained
growth in private consumption and increased public
sector spending contributed to higher domestic demand.
Meanwhile, Malaysia’s export performance benefited Singapore, on the other hand, endured a turbulent
from improvements in external demand, particularly from economic ride. At year end, GDP growth was at -2%, from
regional economies, and from stronger commodity prices. 2008’s positive of 1.4%. Although the overall GDP for the
year registered a decline, the Singaporean economy has
been rebounding since the second quarter. The third quarter
saw expansion in all sectors of the economy. Growth was
pervasive among the manufacturing and services sectors,
while construction activities remained high.

2009 Financial Highlights

We are pleased to announce a record set of results for 2009,

testament to the vision of our Board and management
team whose strategy of restaurant expansion coupled
with aggressive marketing promotions and cost control
initiatives has proved to be a winning formula. Group
revenue reached RM2,297.4 million for the current financial
year, representing a growth of 5.4% over prior year’s
RM2,179.8 million. The Group registered a profit before
tax of RM190 million, against 2008’s RM167.5 million.

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annual report 2009 015
corporate
statement

The key financial highlights for 2009:

• KFC Restaurants segment registered a 5.8% revenue
growth to RM1,723.7 million from RM1,628.9 million
in 2008.
• KFC Malaysia’s restaurant division achieved another
record breaking year, generating a revenue of
RM1,365.5 million, compared to RM1,284.4 million
in 2008.
• KFC Singapore also achieved record sales, bringing in
revenue of RM342.7 million against RM330.8 million
in the previous year.
• KFC Brunei’s revenue rose to RM15.5 million from
RM13.7 million in 2008.
• Integrated Poultry segment recorded an 8.8% revenue
growth to RM484.1 million from RM445 million in the
previous year.
• KFC Marketing reported an increase in revenue
of 132% to RM200 million as against prior year’s
RM86.3 million.
• The newly corporatised KFC Events achieved first-
year revenue of RM2.7 million.
Strategic Initiatives
to Enhance Performance
Our financial performance is a testament to the success
of our strategic initiatives. Highlights for 2009 included:
• KFC expanded its regional network by opening net
44 stores across Malaysia, Singapore and Brunei.
• A streamlined total of 66 KFC restaurants are now
open 24-hour a day, while an additional six restaurants
operate extended hours through to 2.00 am.
• The hugely successful Jom Jimat value meal was
launched by KFC Malaysia, giving consumers a full
meal plus a soft drink from only RM4.90.
• The long awaited promotional launch of KFC a.m.
in Singapore was a huge success, driving dine-in
sales mix for breakfast from 4% to 7% during the
mailer period and as high as 11% during the TV
advertising period.
• Image enhancement works continued across our
restaurants chains, across the country in an effort
to attract new customers.
• KFC Marketing launched six new chicken products
onto the market including Crispy Fried Tom Yam
Chicken, BBQ Combo, Chicken Frankfurters and
Chicken Nuggets. It also introduced innovative
marketing strategies to capture the lower-end of the
market under the concept of Base of Pyramid (BOP)
and Sudut Ayamas (Shop-in-Shop).

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annual report 2009
•  FC Marketing also acquired the rights to import
K Increasing Strength in Depth
pasta and olive oil products under the Divella of Italy
brand. These new products are available for sale at
retail stores across the nation.
• Our new Primary Processing Plant at Bandar Tenggara,
Johor, had a successful first full year of operation.
• Our catering arm was corporatised under the banner
of KFC Events Sdn Bhd. The company provides onsite
catering at corporate events of all sizes, as well as the
selling of the Group’s product and cash vouchers.
• In 2009, we launched another six new RasaMas
stores in Malaysia and one in Brunei.
• The success of our Syoknya RasaMas Roaster
Cook-Off reality television cookery contest enhanced
RasaMas brand awareness and brought many new
faces into the RasaMas restaurants.
• 10 new Kedai Ayamas stores were opened across
Malaysia, while many new products were added to
its range.
Dividends
KFCH continues to strive for healthy returns for our
shareholders. Another strong financial performance has
enabled the Board of Directors to recommend a final
dividend of 16 sen less tax of 25% per ordinary share
bringing the total dividend for the financial year 2009 to 24
sen per ordinary share (comprising an interim dividend of
eight sen and a final dividend of 16 sen). This represents a
two sen increase over the total dividends paid per ordinary
share for the financial year 2008.
KFCH retains its commitment to issuing strong
shareholder returns while strengthening the Group. There
have been a number of highlights over the course of 2009
that demonstrate this commitment.
KFCH became a subsidiary of QSR Brands Bhd (QSR)
on 2 January 2009 after the Group purchased a further
865,000 shares. This increased the Group’s share in KFCH
to 50.25%, giving QSR majority control of the company.
This control will enable the management to streamline
the initiatives of KFCH in tandem with other companies
in the stable. KFCH now has the advantage of increased
economies of scale and total operational stability. We are
confident that this move will result in increased returns for
shareholders going forward.
In the year under review, KFC Malaysia continued with
its plans to regionalise its operations. A regional entity
operates as a decentralised unit, empowered to drive
performance of restaurants in various states under the
region. Besides presenting better career advancement
opportunities, decentralisation and regionalisation offer
enhanced operational efficiency through faster decision
making, cost control advantages and healthy competition
between various regional units, all of which are expected
to improve profitability. Following the successful
regionalisation of KFC East Malaysia operations, the
concept was recently introduced in the Northern region,
covering the states of Perlis, Kedah, Penang and Perak.
In the likelihood that decentralisation proves viable for the
Northern region, it will then be applied to other regions
throughout Malaysia.
KFC holdings (malaysia) bhd
annual report 2009 017
corporate
statement

talent within the Group. As a tool for empowering fresh,

young talents, the scheme is unsurpassed. Those who
meet the selection criteria are accorded the opportunity
to own up to a 25% equity stake in a RasaMas restaurant.
This element of ownership drives the executives to greater
heights of dedication, motivation and initiative, which in
turn increases the Group’s bottom line. As of 28 February
2010, eight RasaMas Intrapreneurs were in operation.

The positive effect that the Intraprenuer scheme has

A milestone in the history of the Group occurred after
KFCH signed a Memorandum of Agreement with Yum!
Restaurants (India) Pvt. Ltd. to operate KFC restaurants
in Mumbai and Pune, two of the most densely populated
cities in India. The deal was signed at the World Halal
Forum 2009 in the presence of heads of states, industry
leaders and academics. This strategic foothold in India
is expected to spearhead our restaurant operations and
other business investments and activities in India. From
an immediate operational viewpoint, it is our goal to open
12 new restaurants across these cities in 2010.
had on the profitability at RasaMas restaurants led us to
consider other parts of the business where the model could
bring about improved results. The Group then moved to
extend the Intrapreneur scheme to the Integrated Poultry
Farming sector in order to fulfill the growing requirement
for chickens from our restaurant chains. The plan was
set in motion by the purchase of 162 hectares of land in
Sedenak, Johor. Eight Intrapreneur farms have been built
as of 31 December 2009, each producing an average of
50,000 birds per cycle. Once all farms are operational,
the Group will have a total capacity of one million birds
per cycle. The Group currently has seven Intraprenuer
farmers covering its seven farms.

2009 saw the corporatisation of KFC Events Sdn Bhd

under the KFCH banner. KFC Events has two core revenue
generating elements. First, it provides onsite catering at
corporate events of all sizes, and has already served a host
of big name clients including Telekom Malaysia, Tenaga
Nasional and Toyota Malaysia. Second, it sells KFC
vouchers to corporate customers who then commonly
give these out to their own staff, customers or suppliers.
Not only does this bring cash into our business, it also
provides us the opportunity of making loyal customers
out of voucher holders who might otherwise not have
visited our restaurants.

The Group is always looking for ways to boost the

motivation of our employees, which is why at RasaMas
restaurants we continue to offer Johor Corporation’s
successful Intrapreneur Scheme. The Intrapreneur Scheme
was first rolled out by Johor Corporation in 1999, and since
then has provided strong guidance to entrepreneurial

018 KFC holdings (malaysia) bhd

annual report 2009
Strengthening the capabilities of our employees is always a
priority for the Board and management. To help us achieve
a new standard of expertise for our staff, the Ministry of
Education and Higher Learning approved our acquisition
of Paramount International College in January 2010. The
College will serve as a seat of learning to train employees
in the disciplines of business, hospitality, culinary arts,
restaurant management and Halal management studies,
enabling them to enrich careers with the Group. To kick-
start its training programme, KFCH has allocated RM1
million to fund employees who wish to pursue education
in their areas of specialisation. On another positive note,
the acquisition presents an opportunity to move into the
growing education sector, resulting in a new revenue
stream for KFCH.
To further strengthen our business, KFC Marketing has
developed two strategic approaches to increase our
market penetration. The first, Sudut Ayamas (or Shop-
in-Shop), involves the rollout of chest freezers with
accompanying display racks, which are fully stocked with
Ayamas and other of the Group’s products. The Sudut
Ayamas freezers are fully branded and grab the attention
of consumers as they browse through supermarkets and
hypermarkets. The approach will see 2,000 Sudut Ayamas
freezers installed at retail outlets across Malaysia.
The goal of the second strategic approach is to create
new business opportunities and increase the earning
power of the poor through involving them in the marketing
of products specially catered to the lower-end of the
market, or the Base of the Pyramid (BOP). These markets
will be tapped into with a new brand name called Ayamas
Jimat. The value-price product range of Ayamas Jimat
is made up of Further Processed Products including
chicken balls, nuggets and frankfurters amongst others.
This new strategic approach involves appointing selected
individuals from the lower socio-economic sections of
Malaysian society, especially housewives and single
mothers as distributors of Ayamas Jimat products under
the concept of ‘Usahawan Bistari’. This empowerment
of the less fortunate is an added bonus for the Group.
In the long term, the success of our ‘Usahawan Bistari’
approach will lead to a strengthening of the Ayamas brand
name and generating greater revenue for the Group, while
at the same time improving the economic wellbeing of
lower-income groups.
Another initiative saw the Group team up with universities
and colleges throughout the country to provide graduates
with the opportunity to pursue a career in business. The
result was the launch of Ayamazz Sdn Bhd, a business
that sees graduates operate ‘Roti Impit’ or Hot Dog
Stalls, stocked with Ayamas products. The pilot project
was started in December 2009 at UiTM, and so far the
‘Roti Impit’ graduates have been receiving training while
selling their products around the UiTM campuses. Once
they are fully trained, they will be able to expand their
bases of operation into public places all over the country.
Ayamazz is a triple-win venture as the Government
benefits from lower unemployment rate among graduates,
the graduates benefit from running their own business,
and the Group benefits from a share of the revenue and
increased branding exposure.
KFC holdings (malaysia) bhd
annual report 2009 019
corporate
statement

Boosting Performance

Each year we derive the energy to sustain and improve

upon our financial results through a range of performance
enhancing tools. One of these tools is called ‘Pedoman’.
It is an open discussion platform held annually throughout
the Johor Corporation group of companies. ‘Pedoman’
acts as a platform for leadership, management and staff to
engage in open and transparent dialogue to promote trust
and bonding. Everyone, from restaurant managers to the
Chairman himself is encouraged to share ideas, concerns,
past performances and future plans during dialogue
sessions. Due to the sustained economic crisis affecting
the countries we operate in, the theme for Pedoman 2009
was a continuation of 2008’s ‘Business Jihad’.

‘Business Jihad’ promotes ethical business values and

serves to remind us that everything we do is done only
through the continued support of the community. In a
business sense, Jihad is a beacon that leads us to contribute
to society, nature, the environment and our immediate
stakeholders by operating sensitively and responsibly,
especially during these tough economic times.

Another method that helps our people enhance business

performance is through adherence to a set of Key
Two important infrastructure projects were completed
Performance Indicators (KPIs). We make the Group’s
during 2009 to boost production performance. First,
KPIs measurable and achievable, thereby ensuring a
Ayamas Food Corporation Sdn Bhd upgraded the
greater level of ‘buy-in’ from staff. We also connect KPI
capacity of its Plant B plant in Klang, which produces
achievement to incentives, rewarding
Ayamas’ Further Processed Products such as nuggets,
hardworking staff for consistent high
frankfurters, and others to meet the growing demand from
performance, which in turn motivates
the Group’s restaurant chains and open market, as well
less industrious staff to redouble
as serve the expanded demand created from the Group’s
their efforts.
BOP Projects. The RM18.5 million upgrade which was
completed in January 2010 increased the plant’s capacity
from 950MT (metric tonnes)/month to 1,500MT/month.
Second, Region Food Industries Sdn Bhd upgraded the
capacity of its mayonnaise production plant from 167MT
to 334MT at a total cost of RM4.5 million. This was in
response to increased demand for mayonnaise from all
KFC and Pizza Hut restaurants in Malaysia and Singapore,
plus the need to supply the open market.

020 KFC holdings (malaysia) bhd

annual report 2009
Our restaurants could almost be mistaken
for art galleries with their contemporary
furnishings, soft lighting and colourful
pictures adoring the walls, all combining
to create a welcoming dining ambiance.

KFC holdings (malaysia) bhd

annual report 2009 021
corporate
statement

A specific example at the restaurant level is the use of our

Balanced Score Card incentive scheme. When restaurant
managers achieve an agreed level of sales while fulfilling
other criteria such as restaurant cleanliness and accuracy
of orders, they win points which can be converted into
monetary rewards, thereby motivating managers to
enhance their operational effectiveness. In other parts
of the business KPIs are used to monitor performance
against organisational goals and to measure corporate
achievement.

Hari Mekar (an acronym for Mengejar Kecemerlangan

Dalam Kualiti or the Pursuit of Excellence in Quality), our
annual quality movement aimed at driving performance,
was held in November of 2009. The theme for this year’s
event was “Be Innovative, Stay Competitive”. Over the
course of the event, staff held discussions on ways to
increase sales, reduce costs, enhance profitability,
improve efficiency and promote creativity. As well as being
a discussion platform, Hari Mekar also has a competitive
element to it. Teams from within the Group can compete
across three categories: Innovative Creative Circle,
Cempaka (Suggestions and Ideas) and Poster. It gives
us great pleasure to announce that our holding company,
QSR, won the Johor Corporation Overall Champion’s
Trophy for the third straight year.

Improving Governance

KFCH is a strong advocate of good corporate governance.

We believe in being a transparent, accountable and
responsible corporate citizen, which is one of the reasons
why we are seen as an industry leader. Our Human
Resources department carries out regular training
initiatives to ensure that our people, from senior
management right down to the front line service
staff, approach their jobs with integrity, honesty and
accountability.

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annual report 2009
A Leader in Corporate
Social Responsibility
The Board and management at KFCH will continue
to adhere to the values of responsibility, integrity and
compassion in all areas of our business. In doing so, we
are determined to make a positive contribution to society
while building confidence and goodwill among our
stakeholders. To achieve this we adhere to wide-ranging
Corporate Social Responsibility (CSR) programmes
spread out over six pillars. These are: To champion
the Halal cause, to improve educational standards, to
encourage entrepreneurial development, to promote a
healthy lifestyle, to foster a sense of national unity, and to
help the less fortunate.
The Group is committed to the promotion of Halal food
and the Halal industry as a whole. During 2009, we
sponsored the World Halal Forum which saw heads of
states, industry leaders and academics come together
to discuss Halal best-practices and ways to move the
industry forward. We also participated in MIHAS, or the
Malaysian International Halal Showcase, which brings
together exhibitors, trade buyers and the who’s who of
the ASEAN food and beverage industry.
The Board and management of KFCH are mindful of the
responsibility to engage the interests of future generations.
To this end, we hold an annual business board game
competition which promotes entrepreneurship among
youths and young adults. It is called the KFC Catur
Bistari Challenge. The competition is undertaken with
Bistari Young Entrepreneur Sdn Bhd, a member of Johor
Corporation and the developer and marketeer of the Catur
Bistari board game. Nearly 1,000 finalists competed at
state-level in October 2009 for the chance to reach the
national playoffs, which was recently held at the Persada
International Convention Centre in Johor.
The popularity of the KFC Catur Bistari Challenge led
to the signing of a Memorandum of Agreement (MOA)
between Johor Corporation, KFCH and Bistari Young
Entrepreneur Sdn Bhd. The MOA, signed in November
2009, was put into effect to facilitate the creation of a
new version of the board game more age-appropriate for
a younger demographic group. The core elements remain
the same and the game, called ‘Cilik Bistari’, is still geared
towards promoting the values of entrepreneurship. Cilik
Bistari Sdn Bhd was set up to effectively run this new
venture, which is aimed at children and teens aged nine
to 14. Key distribution channels for the game are KFC
outlets, schools and the open market.
KFCH continues to promote the benefits of a healthy and
active lifestyle for the community by sponsoring a diverse
mixture of sporting events and the teams that compete
in them. We remain the official sponsor of Johor FC, and
this year were honoured to be the primary sponsor of
Johor’s JKing Futsal Challenge, held during October and
November. We also sponsor sailing activities organized
by the Malaysian Yachting Association (MYA) and help
local yachtsmen and women to achieve success in
national and international competitions. An example of
such success stories is the recent IODA Asian Sailing
Championship 2009 which saw the MYA team put up a
stellar performance earning them the second placing.
Other sports we have championed through the year
include squash and kiting.
KFC holdings (malaysia) bhd
annual report 2009 023
Customers are met with a treat for the eyes
and a feast for the senses as warm lighting
complemented by modern décor invites
them to spend time in our restaurants.

024 KFC holdings (malaysia) bhd

annual report 2009

Our company is especially motivated to help the
communities we operate in. A multitude of initiatives were
carried out through the year to help the needy and less
fortunate sections of these communities. We extend a
helping hand to those who have been affected by poverty,
poor health and other misfortunate circumstances. Our
newly introduced BOP projects are part of this extended
CSR program, aimed not only at charity but assisting the
poor to become self-reliant.
During the festive seasons of Ramadan, Chinese New
Year and Deepavali, we gave to the needy through our
Projek Penyayang programme. Over the course of this
two–day program, more than 13,000 orphans, elderly
and the less fortunate, spanning 150 charitable homes,
were treated with KFC meals. Another highlight of the
year occurred when 2,500 QSR and KFCH staff plus
members of the media were joined by 400 orphans at
a Buka Puasa event.
Following in the footsteps of the previous year, more than
2,500 staff members and their families took part in the
‘Be The Movement’ charity walk in aid of Hunger Relief
2009. We were able to raise over RM1.1 million through
the sale of notebooks and donations nationwide. More
charitable giving occurred when the company and its
employees raised money for victims of the devastating
Padang earthquake in Indonesia.
In the year under review, the Group moved to consolidate
our Corporate Social Responsibility programmes under
one roof by proposing the creation of the Yayasan Amal
Bistari foundation. The Foundation will coordinate all
future CSR programmes from across the brand stable.
This will see us benefit from improved economies of scale
and increased strategic alignment. In undertaking this
exercise the Group will maximise financial productivity,
thereby increasing its potential for charitable giving.
Recognition of Our Achievements
Our continuing commitment to win the hearts and minds
of consumers was recognised in 2009 with a host of
awards and industry recognition. KFCH continues its fine
run of recent success by collecting the Franchisee of the
Year 2009 award from Yum! Restaurants International
while along the way being recognised for our advertising
efforts with the Yum! Reel Advertising Excellence Brand
2009 and an Effie Award (Bronze). It gives us great pleasure
to inform you that KFC was honoured with the Best
Brand in the Food & Beverage – Fast Food Category at
the BrandLaureate Awards 2008/2009. Rounding out the
award season, KFCH has once again been distinguished
as a brand leader by winning a Reader’s Digest Most
Trusted Brands award.
KFC holdings (malaysia) bhd
annual report 2009 025
corporate
statement

In 2010 we intend to explore more opportunities for

growth, while always pursuing our vision: To be the largest
integrated food services group in the Asia-Pacific region
with focus on consistent quality products and exceptional
customer-focused service.

Our first goal is to increase market share in existing

territories. We will achieve this by running aggressive
marketing campaigns in every country we operate in.
This will involve a series of innovative new products
and exciting promotions to attract new customers into
restaurants and stores.

There will be more restaurant openings in 2010. We

aim to introduce our restaurants and products to even
more regions, cities and towns in Malaysia, Singapore
and Brunei. And in our new territory of India, the second
The awards season has also been kind to Ayamas as it most populated country in the world, we will open 12
won two significant industry awards. The company picked KFC restaurants across the bustling cities of Mumbai
up a Best@Show Award from the Livestock Asia Expo & and Pune.
Forum, as well as an Outstanding Product Innovation
Award from the Malaysian Livestock Industry Awards. The Group will also pursue a programme of restaurant
image enhancements for older establishments. We want
2010 Strategic Preview to ensure these restaurants are as welcoming, pleasing
and comfortable as possible. This heightened level of
The US economy is recovering gradually but unemployment ambiance improves the brand experience for existing
remained high at about 9.7% in February 2010. The consumers and helps draw in a new base of customers.
International Monetary Fund expects the global economy Overall, we estimate a total of 40 restaurants will be
to grow in strength, expanding by 3.9% in 2010. Asian revamped and refreshed in 2010.
economies, particularly China and India, are expected to
lead the way in economic growth. The Malaysian Institute
of Economic Research (MIER) is projecting an economic
growth of 3.7% for Malaysia in 2010 while Singapore’s
economy is expected to improve from a negative growth
of -2% in 2009 to a positive growth of 4.5% to 6.5% in
2010. In Malaysia, the latest MIER’s Consumer Sentiment
Index signals a growing optimism over current financial
and job outlooks. Based on this generally positive outlook
the Board is optimistic for 2010.

026 KFC holdings (malaysia) bhd

annual report 2009

Our interest in the opportunities that new markets and
territories present remains as keen as ever.
If analysis reveals an area that we have the expertise to
move into, and if it is in the interest of the Group and its
shareholders, we will seriously consider it. Of particular
emphasis in 2010 is the search by KFC Marketing for
export markets. The Group intends for KFC Marketing to
be the leading food-trading company in the country.
In addition, we intend to launch new ventures to increase
penetration into existing markets. Sudut Ayamas and
‘Usahawan Bitsari’ are particularly exciting prospects for
2010. Then there is the entrepreneurial ‘Roti Impit’ venture
and the RasaMas and contract farming Intrapreneurship.
The success of these strategies and ventures will generate
increased revenue for the Group while diversifying our
risk exposure.
Internally, the Group will not let up on the strict cost control
measures which were introduced in the face of the Global
Economic Crisis. Even though the worst of the crisis
appears to be over, it is prudent to maintain them until a
consistent record of GDP growth is reported. Balancing
this operational cost efficiency will be the continuation of
our investment in human capital development.
Words of Appreciation
On behalf of the Board, we would like to thank the
following for their ongoing support to the Group.
For their loyalty, skill and professionalism, we wish
to recognise each member staff in every part of the
business. Your dedication is reflected in the success
of the Group.
We pay tribute to our stakeholders - our customers,
shareholders, suppliers, vendors and the communities
we operate in - your trust and belief in us is always
a blessing.
Finally, we thank members of the Board of Directors as
well as the management team of KFCH. Your energy
and commitment has kept the Group on the course
of success.
On a reflective note, we extend our deepest condolences
to the family, friends and colleagues of the Chairman of
KFC Brunei, PSN PG Anak Mohd Muntassir Bin PG Muda
Hj Kamaruddin, who passed away in November 2009.
TAN SRI DATO’ MUHAMMAD ALI HASHIM
Chairman
Ahamad MOHAMAD
Deputy Chairman
JAMALUDIN MD ALI
Managing Director
KFC holdings (malaysia) bhd
annual report 2009 027