BERNAMA – 7-Eleven Malaysia Holdings Bhd’s (SEM) wholly-owned subsidiary Convenience Shopping (Sabah) Sdn Bhd (CSSSB) will sell a 75 per cent stake in Caring Pharmacy Group Bhd (Caring) for MYR675 million.
SEM said CSSSB entered into a conditional sale and purchase agreement with Bug Pharmacy to dispose of its entire stake in Caring.
Motivasi Optima Sdn Bhd (MOSB) would also dispose of its 25 per cent 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 MYR251.16 million, thereby improving the net assets per share of the company to MYR0.34 from MYR0.12 as of December 31, 2022,” SEM said in a stock exchange filing.
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.
The group said the bulk of the MYR675 million proceeds, comprising 61.66 per cent or MYR416.19 million, will be used for its 7-CAFé store expansion, refurbishment of existing classic stores to the 7-CAFé format and convenience store-related infrastructure investments.
