7-Eleven unit selling 75% stake in Caring Pharmacy

KUALA LUMPUR: 7-Eleven Malaysia Holdings Bhd’s (SEM) wholly-owned subsidiary Convenience Shopping (Sabah) Sdn Bhd (CSSSB) will sell a 75% stake in Caring Pharmacy Group Bhd (Caring) for RM675mil.

SEM said CSSSB has entered into a conditional sale and purchase agreement with BIG Pharmacy to dispose of its entire stake in Caring.

Motivasi Optima Sdn Bhd would also dispose of its 25% stake in Caring to BIG Pharmacy, however, this is not part of SEM’s corporate exercise, it added.

“The company is expected to record an estimated one-off gain on disposal from the proposed disposal of RM251.16mil, thereby improving the net assets per share of the company to 0.34 sen from 0.12 sen as of Dec 31, 2022,” SEM said in a filing with Bursa Malaysia.

Upon the completion of the proposed disposal, the company said it would be able to focus its resources on growing its convenience store segment.

However, SEM said the proposed transaction did not include the disposal of the Indonesian businesses operated by Caring Group. — Bernama