Sultan boosts stake in 7-Eleven Malaysia
Giving 7-Eleven Malaysia Holdings a royal edge, Sultan Ibrahim of Johor has become its second-largest individual shareholder.
He has an 8.44 per cent stake after acquiring 93.7 million shares in the convenience-store chain in the past month.
His shareholding comes as the company is expanding its retail footprint, says 7-Eleven Malaysia chairman Abdull Hamid. “We believe that with a shareholder of His Royal Highness’ stature, 7-Eleven’s position in the retail industry will be further strengthened.”
The group’s largest shareholder, Vincent Tan, says the increased stake by the sultan is good sign in that he is known to be “an astute investor with a keen eye for companies and businesses with strong fundamentals and good growth potential”.
7-Eleven Malaysia had revenue of RM2.10 billion (US$490 million) with a pre-tax profit of RM70.82 million last year. Incorporated in 1984, the group has more than 2100 outlets that serve 900,000-plus customers daily.