Berjaya Philippines, Inc is shelling out P124.47 million to increase its stake in the Malaysian operator of 7-Eleven convenience stores.
In a disclosure to the stock exchange on Wednesday, Sept. 5, Berjaya Philippines said it has acquired 6.5 million shares in 7-Eleven Malaysia Holdings Berhad (SEM) at 1.48 Malaysian Ringgit (RM) each. One RM is equivalent to around P19.14 at the time of the transaction.
The company said it acquired the shares from the Malaysian open market from March 1 to Sept. 3.
SEM is the parent of 7-Eleven Malaysia Sdn. Bhd., which operates more than 2,100 7-Eleven convenience stores in Malaysia.
This brought Berjaya Philippines’ equity interest in SEM to 1.59%, or a total of 18 million shares. The company noted that the acquisition is for investment purposes. — Arra B. Francia