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, Berjaya Philippines said it has acquired 6.5 million shares in 7-Eleven Malaysia Holdings Berhad (SEM) at 1.48 Malaysian Ringgit (RM) each. The shares are equivalent to a 0.58% stake in the company.
SEM is the parent of 7-Eleven Malaysia Sdn. Bhd., which operates more than 2,100 7-Eleven convenience stores in Malaysia.
The listed company said it acquired the shares from the Malaysian open market from March 1 to Sept. 3. One RM is equivalent to around P19.14 at the time of the transaction.
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.
Established in 1924, Berjaya Philippines was formerly called Central Azucarera de Pilar with the core business of producing sugar. It then changed its name to Prime Gaming Philippines, Inc. in 1998, before finally gaining its present name in 2010.
Berjaya Philippines’ core business is in the leasing of online lottery equipment and software support through its subsidiary Philippine Gaming Management Corp. It also has investments in Berjaya Pizza Philippines, Inc., the exclusive franchisee of the Papa John’s pizza brand in the country.
The company has invested in auto vehicles in previous years, first through Berjaya Auto Philippines, Inc., the distributor of Mazda vehicles back in 2012. In 2014, it secured ownership of England-based luxury vehicle distributor H.R. Owen Plc — the world’s largest retailer of Rolls-Royce, Bentley, Lamborghini, and Bugatti brands.
It is likewise invested in Ssangyong Berjaya Motor Philippines, Inc., which sells and distributes all types of motor vehicles, since 2015.
The company is also the owner of Perdana Hotel Philippines, Inc., the operator of Berjaya Makati Hotel in Makati.
Berjaya Philippines reported a net income attributable to the parent of P194.4 million in the quarter ending January, three percent higher than what it generated in the same period a year ago. Revenues stood at P7.33 billion, 24% higher year on year.
Shares in dropped 15 centavos or 5.08% to close at P2.80 each at the stock exchange on Wednesday. — Arra B. Francia