Due to a request made by 7-Eleven Malaysia Holdings Bhd, the trading of its shares will be temporarily suspended from 2.30pm to 5pm on Friday. The suspension is pending the announcement of a significant transaction that is deemed to be of great importance.
The convenience store operator made an official filing with Bursa Securities, revealing that the request has been approved. Earlier on the same day, BIG Pharmacy Healthcare Sdn Bhd, a retail pharmacy chain backed by Creador, has entered into an agreement to acquire its competitor, Caring Pharmacy Group Bhd, from 7-Eleven Malaysia. The deal is estimated to be valued at RM900 million.
A source mentioned that 7-Eleven Malaysia has successfully closed the deal for the sale of Caring Pharmacy, and an official announcement regarding the transaction is expected to be made imminently.
BIG Pharmacy emerged as the winner in the acquisition after negotiations between 7-Eleven Malaysia and the other two main bidders for Caring Pharmacy, namely the US-based private equity fund Carlyle Group and Luxembourg-based investment advisory firm CVC Capital Partners, fell through.
Prior to the suspension of share trading, 7-Eleven Malaysia’s stock price had climbed seven sen or 3.29%, reaching RM2.20, thus valuing the company at RM2.58 billion.
