SEPANG: The owner of in-flight catering company Brahim’s Food Services Sdn Bhd is willing to sell its 70% stake if the right offer is on the table.
Ibrahim Ahmad, executive chairman of Brahim’s Holdings Bhd, said: “We have been approached by quite a lot of companies. We are still in discussions and no decision has been made.
“I’m willing to let go, but the price must be right.” He said priority would be given to Malaysian companies.
The catering company’s contract with Malaysia Airlines ended on Aug 31 after more than 25 years. The next day, Malaysia Airlines reported that 20% of its flights on Sept 1 had been delayed because of disruptions to food services.
Considering the catering problems faced by Malaysia Airlines since Sept 1, Ibrahim said he is ready to renegotiate to restart catering services for the airline.
“Let’s solve this issue, I don’t mind talking and getting the result. If they can come to terms, I’m willing to talk.
“We are open (to renegotiations with MAG again), and agreeable to include the new clause (in the new contract extension), provided that the compensation is fair,” Ibrahim said.
The airline’s owner, Malaysia Aviation Group, holds the remaining 30% of the catering company and has been in discussions to buy Brahim’s 70% stake.
Last week, New Straits Times reported that Deloitte Malaysia had valued Brahim’s 70% stake at up to RM129 million, with Brahim’s Food Services valued at between RM162.8 million and RM184 million.
Brahim’s group CEO Fadhli Abdul Rahman said the “right price” for its 70% stake would be more than Deloitte’s RM129 million valuation.
Although the company was open to having Malaysia Airlines on board again as a client, it must be on terms agreeable to both parties.
“If the terms are fair, we are willing to accept it,” Fadhli said.
“However, if they don’t come back (to us), we will continue to cater to the 35 airlines to which we are already providing services.” Among its clients are Emirates, Qatar Airways, All Nippon Airways, Japan Airlines and Turkish Airlines.