KUALA LUMPUR: 7-Eleven Malaysia Holdings Bhd
’s (SEM) 60%-owned subsidiary, QVI Foods Sdn Bhd, has entered into a sale and purchase agreement to acquire a parcel of freehold land in Seri Kembangan, Selangor, for RM19mil cash.
In a filing with Bursa Malaysia, the convenience store operator said the 0.86 ha, or about 92,564 sq ft, agricultural land is located in Mukim Cheras, Hulu Langat, and is currently used for fruit cultivation.
“The proposed acquisition will enable the SEM Group to venture upstream into food commissary, thereby facilitating its future expansion and operational plans,” it said.
The acquisition will be funded via a combination of borrowings and internal funds, and is not expected to have any material impact on the group’s earnings, net assets or gearing.
