7 Eleven said it has entered into a conditional sale and purchase agreement vis its subsidiary Convenience Shopping Sabah Sdn Bhd with BIG Pharmacy and Motivasi Optima Sdn Bhd, who holds a 25% equity interest in Caring, for the proposed disposal which entails the disposal of its entire 75% equity interest in Caring to BIG Pharmacy for a cash consideration of RM675 million.
Motivasi Optima will also be disposing of its entire 25% equity interest in Caring to BIG Pharmacy. All Caring Shares will be sold by CSSSB and MOSB free from encumbrances and together with all rights and advantages attaching to them as at the date falling 10 business days from the date on which the SPA becomes unconditional.
The Proposed Transaction does not include the disposal of the Indonesian Businesses operated by Caring Group in the Republic of Indonesia. The Indonesian Businesses would be carved out from the Proposed Transaction. Upon the completion of the Proposed Disposal in accordance with the terms of the SPA, Caring will cease to be a subsidiary of the Company and the Indonesian Businesses will be held by CSSSB
