BERJAYA Philippines, Inc. said Wednesday that it had increased its ownership in Malaysia-based 7-Eleven Malaysia Holdings Berhad through the acquisition of P124.5 million (9.6 million ringgit) worth of shares.
The company told the Philippine Stock Exchange it made open-market purchases of 6.5 million shares in 7-Eleven Malaysia on the Bursa Malaysia Securities Berhad at a price of P19.14 or RM1.48 per share.
The purchases were made from March 1 to September 3, 2018, with the number of shares acquired equivalent to 0.58 percent of 7-Eleven Malaysia’s total outstanding shares.
Berjaya said the acquisition was in line with plans to expand its investments.
Following the acquisition, Berjaya Philippines now owns 18 million shares in 7-Eleven Malaysia or a 1.59 percent stake.
“The … shares were acquired free from all encumbrances and the acquisition was funded from the Issuer’s internal funds,” Berjaya said.
Incorporated in 2013, 7-Eleven Malaysia, through its 100-percent owned subsidiary 7-Eleven Malaysia Sdn. Bhd., is the operator of 7-Eleven convenience stores in Malaysia and is the single largest convenience store chain in that country with more than 2,100 branches.
In the Philippines, Philippine Seven Corp. operates the franchise of the 7-Eleven convenience stores.
Berjaya Philippines shares were down 15 centavos at P2.80 each on Wednesday.