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7-Eleven to compulsorily acquire remaining stake in Caring Pharmacy

26 Mar 2020 / 12:47 H.

PETALING JAYA: 7-Eleven Malaysia Holdings Bhd will compulsorily acquire all the remaining Caring shares that it does not own after the mandatory general offer (MGO) for the latter has reached a valid acceptance level of 98.77%.

This compares with 90.91% received on March 20.

7-Eleven said the compulsory acquisition notice will be sent to all dissenting holders within two months.

“7-Eleven will procure Caring to take the requisite steps to withdraw its listing status from Bursa Malaysia Securities Bhd,“ 7-Eleven said in a stock exchange filing.

The offer will remain open for acceptances until 5pm on April 10.

Bursa Securities will suspend the trading of Caring shares upon the expiry of five market days from the closing date of the offer.

The suspension of Caring shares will be effected from 9am on April 20.

7-Eleven’s MGO for Caring at RM2.60 apiece was triggered after 7-Eleven’s wholly owned subsidiary Convenience Shopping (Sabah) Sdn Bhd and the parties acting in concert proposed to acquire a 25.35% stake in Caring last November, which increased their collective shareholding to 38.57%.

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