Berjaya Land buys 0.9% stake in 7-Eleven Malaysia

KUALA LUMPUR (Feb 2): Berjaya Land Bhd has acquired 10 million shares or a 0.9% equity stake in 7-Eleven Malaysia Holdings Bhd from Berjaya Retail Bhd via direct business transactions for a total cash consideration of RM14 million at RM1.40 per 7-Eleven Malaysia share.

According to the group's filing on Bursa Malaysia today, the direct business transactions occurred between Dec 30, 2016 and Jan 23, 2017.

"The total cash consideration of RM14 million pursuant to the acquisitions was arrived at after taking into consideration the five-day volume weighted average market price up to and including Dec 29, 2016 of RM1.40 per 7-Eleven Malaysia share," the group said.

It further stated that the acquisitions will have no effect on the group's issued and paid-up share capital or major shareholder's shareholdings.

"The acquisitions were funded from internally-generated funds of the Berjaya Land Group and/or borrowings," it added.

Tan Sri Vincent Tan Chee Yioun is a major shareholder of Berjaya Land, 7-Eleven Malaysia and Berjaya Retail.

A total of 1.7 million shares in 7-Eleven Malaysia changed hands today as the counter rose 9 sen or 5.96% to close at RM1.60, for a market capitalisation of RM1.78 billion. — theedgemarkets.com