Convenience chain 7-Eleven plans to accelerate expansion in Malaysia with around 600 new stores opening between now and 2016.

Local operator, 7-Eleven Malaysia Holdings, says it will invest 520 million ringgit ($161.06 million) to fund the expansion along with renovation of existing stores.

It is selling 530.32 million shares at 1.38 ringgit per share through an IPO to raise up to 731.85 million ringgit ($226.7 million).

“Our listing marks the next chapter of growth and development of the company. We believe there is a huge opportunity going forward and the outlook for the industry is extremely bright,” said Vincent Tan, who controls 7-Eleven Malaysia Holdings.

“I believe we can have 4000 to 5000 7-Eleven outlets in Malaysia. The potential here is still very much untapped,” said Tan.

With around 1600 stores across Malaysia, 7-Eleven holds a market share of 82 per cent.