BANGKOK: Malaysia's largest convenience store chain, 7-Eleven Malaysia Holdings Bhd
, has raised about 732 million ringgit ($226.91 million) in a share sale priced at the top of expectations, according to two sources with direct knowledge of the deal.
The company, controlled by Malaysian billionaire Vincent Tan, priced the initial public offering at 1.38 ringgit per share which compares with an indicative price range of 1.33 ringgit to 1.38 ringgit.
The company plans to use most of the proceeds to open 600 stores over the next three years, a much faster pace than the 300 opened over the past three years, according to its prospectus. It currently has almost 1,600 outlets.
Maybank and UBS are the joint global co-ordinators and are the joint bookrunners along with CLSA, CIMB and Kenanga.
The sources declined to be identified as the matter is still private. Officials for 7-Eleven Malaysia were not immediately available to comment.
($1 = 3.2260 Malaysian Ringgit) - Reuters
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