7-Eleven Malaysia mulls float
The 7-Eleven Malaysia business may be floated.
Malaysian businessman Tan Sri Vincent Tan is considering turning over his shareholding in convenience store operator 7-Eleven to his Berjaya Corp Bhd group.
Maintaining that the share price of 7-Eleven is undervalued on Bursa Malaysia, Tan claims that the business, currently valued at RM1.43 billion (US$342 million) should be worth more than US$1 billion.
The chain has 2250 locations within the territory, and according to Tan aims to open at least another 200 stores next year.
“We are considering maybe sell all my 46 per cent shareholdings in 7-Eleven to BCorp, then let BCorp launch a General Offer (GO), but nothing is firmed yet,” he said.
The businessman owns 48.33 per cent of Berjaya Corp, which is valued at around RM1.35 billion (US$323 million).