7-Eleven Malaysia takes stake in Dego Ride operator

KUALA LUMPUR: Convenience store operator 7-Eleven Malaysia Holdings Bhd (SEM), led by major shareholder Tan Sri Vincent Tan Chee Yioun, is taking a 46.45% equity stake in delivery firm Myinteractivelab Sdn Bhd (MSB) for RM7.5mil.

The purchase is through the subscription of 490,030 shares in MSB under an agreement with founder Nabil Fiesal Bamadhaj, who is the owner of Dego Rides.

SEM told Bursa Malaysia on Friday that MSB is currently in the process of securing the necessary license and approval to run the electronic hailing motorcycle taxi services in Malaysia.

"The Government’s initiative in undertaking the proof-of-concept (POC) program is a positive step and augurs well with the proposed subscription as Dego Ride is the only company in Malaysia (besides Singapore’s GrabBike and Indonesia’s Gojek), which has indicated its interest to participate in the POC program," it said.

MSB is the developer and operator of three (3) mobile applications named “Dego App”, “Dego Partners” and “Dego Orders.”

"The subscription represents an opportunity for the SEM Group to acquire a substantial equity stake in MSB, which will be undertaking the proposed project and to provide convenience delivery services for its 7-11 outlets," it said.