BERJAYA Philippines, Inc. is selling its stake in 7-Eleven Malaysia Holdings Bhd. to claim part of its investment in the convenience store operator.
The company told the stock exchange on Thursday it has divested its 9.84 million shares in 7-Eleven Malaysia for RM1.40 (about P16.37) apiece.
The transaction, which was paid in cash, amounted to a total of RM13.78 million, or P161.09 million in Philippine peso.
The shares represent 0.86% of 7-Eleven Malaysia’s total outstanding shares.
“Following the disposal, (Berjaya) now holds a total of 6.86 (7-Eleven Malaysia) shares representing 0.60% equity interest in (the company),” it said.
The transaction is not seen affecting Berjaya’s control in 7-Eleven Malaysia.
7-Eleven Malaysia is the owner and operator of 7-Eleven stores in the country. It is Malaysia’s largest convenience store chain with more than 2,300 stores nationwide.
Prior to the Sept. 2 transaction, Berjaya had 16.7 million shares in 7-Eleven Malaysia, representing a 1.45% equity interest in the company.
Aside from its investment in the convenience store operator, Berjaya’s businesses also include gaming, hotel operations, food and beverage distribution, motor vehicle distribution, real estate, leasing and financing, and health consultations.
The company posted an attributable net income of P137.89 million in the five months ending March, down 34% from a year ago, due to the deconsolidation of its gaming subsidiary and lower revenues from its London-based car dealership subsidiary.
Shares in Berjaya at the stock exchange increased 21 centavos or 9.42% to P2.44 each on Thursday. — Denise A. Valdez