04/02/2013 (Reuters) - Now that QSR Brands Bhd has been disposed of, Kulim (Malaysia) Bhd is on its way to becoming a purer plantation play as it looks to sell its remaining non-core businesses. It may even raise its stake in or privatise its 49 percent-owned associate, New Britain Palm Oil Ltd.

Kulim's finances have improved as it reduced its borrowing at the group level when it exited the food and restaurant business with the sale of its 59 percent stake in QSR to a special purpose vehicle owned by parent Johor Corp and CVC Capital Partners Asia III Ltd.

As at Sept 30, 2012, Kulim's net gearing was 0.24 times compared with 0.46 times as at Dec 31, 2011. During this period, its long-term loans fell to 1.45 billion ringgit from 2.05 billion ringgit previously