Berjaya Assets ups stake in 7-Eleven for RM10.74 million

PETALING JAYA: Berjaya Assets Bhd’s (BAssets) 100%-owned subsidiary Sublime Cartel Sdn Bhd acquired a 0.60% stake in 7-Eleven Malaysia Holdings Bhd in the open market on April 27 and 28 for RM10.74 million cash or at an average price of RM1.61 per share.

Following the acquisitions, the BAssets group now holds about a 2.22% stake in 7-Eleven.

The acquisitions were funded from internally-generated funds of the BAssets group and/or borrowings. There are no other liabilities to be assumed by Sublime or BAssets arising from the acquisitions. The acquisitions enabled BAssets to increase its investment in 7-Eleven.

“The acquisitions have no effect on the issued and paid-up share capital or major shareholders’ shareholdings of BAssets and are not expected to have any material impact on the net assets, earnings and gearing of the BAssets group for the current financial year ending June 30, 2017,” BAssets said.

The audit and risk management committee of BAssets is of the opinion that the acquisitions are fair, reasonable and on normal commercial terms. In addition, the committee is also of view that the acquisitions are not detrimental to the interest of the minority shareholders of BAssets.