7-Eleven Malaysia is set to acquire a 30 per cent stake in BLoyalty for US$212,000 (RM900,000).
Despite the latter reporting audited net liabilities of $290.5 million as of June last year, the convenience chain said the deal is still a strategic move to strengthen its customer engagement capabilities.
“The proposed subscription offers 7-Eleven an opportunity to expand its loyalty program through BLoyalty and leveraging on its pool of customer base for potential business opportunities,” the company said in a filing with Bursa Malaysia.
BLoyalty provides loyalty program management services to third-party clients, including database management and analytics for points-based reward schemes.
The company is currently 60 per cent owned by Berjaya Corporation, which also holds a 14.37 per cent stake in 7-Eleven Malaysia. The remaining 40 per cent is held by Atropos, an investment vehicle controlled by Singaporean investor Leow Tze Wen, according to filings with credit reporting agency Crif Omesti.
The deal is considered a related party transaction due to overlapping ownership. Berjaya founder Tan Sri Vincent Tan is a major shareholder in both 7-Eleven Malaysia and Berjaya. His son, Tan U-Ming – executive director and co-CEO of 7-Eleven Malaysia – abstained from board discussions and voting on the deal.
The transaction is expected to close by the third quarter of this year.
