7-Eleven buys 17 million BCorp shares for RM5.1mil

KUALA LUMPUR: 7-Eleven Malaysia Holdings Bhd’s (SEM) wholly owned subsidiary, Convenience Shopping (Sabah) Sdn Bhd has acquired 17 million ordinary shares representing 0.3% equity interest in Berjaya Corp Bhd (BCorp).

In a filing with Bursa Malaysia, SEM said the acquisition was done via direct business transaction on June 27 for a total cash consideration of RM5.1mil or 30 sen per BCorp share.

“Following the acquisitions, SEM and its subsidiaries now hold a total of 30.4 million BCorp shares representing about 0.54% equity interest in BCorp,” SEM said, adding that the acquisitions were funded from its internal funds.

“The audit committee of SEM is of the opinion that the acquisitions are fair, reasonable and on normal commercial terms and are in the best interest of the SEM group. In addition, the audit committee of SEM is also of the view that the acquisitions are not detrimental to the interest of the minority shareholders of SEM,” it said.

Separately, SEM has also acquired 21.5 million ordinary shares, representing 0.44% equity interest in Berjaya Land Bhd (BLand).

SEM said the acquisition was done via direct business transaction on June 27 for a cash consideration of RM5.81mil or 27 sen per BLand share.

“Following the acquisitions, SEM and its subsidiaries now hold a total of 21.5 million BLand Shares representing about 0.44% equity interest in BLand,” it said, adding that the acquisitions were funded from its internal funds.

SEM said its board is of the opinion that the acquisitions are in the best interest of the group