Berjaya Land sells 0.9% stake in 7-Eleven for RM14.9m

KUALA LUMPUR (Oct 24): Berjaya Land Bhd (BLand) has sold 10 million shares or a 0.9% stake in 7-Eleven Malaysia Holdings Bhd for RM14.9 million or RM1.49 per share.

In a filing with Bursa Malaysia yesterday, BLand said the disposal, which is expected to record a gain of about RM1.5 million for the group, was done via a direct business transaction last Friday.

BLand did not disclose the buyer of the said shareholding. Following the disposal, BLand now holds 6.5 million 7-Eleven shares or a 0.59% stake. BLand said the transacted price was based on 7-Eleven’s closing market price last Thursday.

“The gross proceeds arising from the disposal will be utilised to repay borrowings of [the] BLand group,” it added.

This article first appeared in The Edge Financial Daily, on Oct 24, 2017.

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