LSG Sky Chefs Joint Venture Finalizes Acquisition of 70 % stake in Malaysia Airlines Catering Subsidiary
Signing effective as of September 25, 2003
KUALA LUMPUR, Malaysia, September 25, 2003 – LSG Sky Chefs, the world’s largest provider of quality in-flight catering, today finalized its shareholding in Malaysia Airlines Catering Subsidiary (“MAS Catering”).
According to the agreement, a joint venture company comprising of LSG Asia GmbH, a 100 % subsidiary of LSG Sky Chefs’ holding com-pany, and a Malaysian Partner, Fahim Capital Sdn Bhd (“Fahim”), will acquire a 70 % stake in the airline’s catering subsidiary. The remaining 30 % will stay with Malaysia Airlines.
After the closing period, the new joint venture company will take over operations of the two MAS Catering locations at Kuala Lumpur Interna-tional Airport and Penang International Airport by early December 2003. These two airports are the major hubs in Malaysia and account for more than 90 % of the catering volume in this market. The two Customer Service Centers currently produce more than 28,000 meals per day for Malaysia Airlines and many other international airlines including Cathay Pacific, Air China, Thai Airways, JAL, Emirates and others.
“This deal marks our market entry into Malaysia and strengthens our presence in the Asia Pacific region,” comments HK Cheung, Executive Vice President LSG Sky Chefs Asia/Pacific region. “Furthermore, the rich expertise of the MAS Catering employees in developing and preparing authentic Halal food adds to the culinary expertise of our global network.”
Dato Haji Ibrahim bin Ahmad, the Chairman of Fahim, added “We are looking forward to the support of MAS Catering’s customers, employees and service providers in ensuring a smooth transition. The deal is a true win-win situation, offering an excellent opportunity to partner with the world market leader in in-flight services while at the same time enhancing services to our national airline.”
LSG Sky Chefs is the world’s largest in-flight service provider, including catering, procurement, equipment management and Total In-flight Service Management. LSG Sky Chefs caters 260 airlines from almost 200 customer service centers in 46 countries. In 2002, the companies belonging to LSG Sky Chefs Group achieved consolidated sales of 3.1 billion.
In the Asia/Pacific region, LSG Sky Chefs operates from 19 locations in China, Guam, Hong Kong, India, Myanmar, New Zealand, Saipan, South Korea and Thailand. The regional Headquarters are located in Hong Kong.