KUALA LUMPUR: 7-Eleven Malaysia Holdings Bhd's unit, Convenience Shopping (Sabah) Sdn Bhd (CSSSB), has received an offer from BIG Pharmacy Healthcare Sdn Bhd to acquire its entire 75 per cent equity interest in Caring Pharmacy Group Bhd for RM637.5 million.
In a filing to Bursa Malaysia, the company said the proposed disposal provides an opportunity for 7-Eleven to unlock and monetise its investment in Caring.
"The company is expected to record a one-off gain from the proposed disposal and thereby is expected to improve the net assets of the company and its subsidiaries. "After the proposed disposal, the management of the company is able to redirect its resources to grow its convenience store business," it noted.
BIG Pharmacy's offer includes the acquisition of all intellectual property rights owned and utilised by Caring Group and the Indonesian businesses, including the brands 'CARiNG', 'Georgetown', 'Wellings' and all in-house brands sold by Caring Group.
However, it excludes the businesses in Indonesia operated by PT Era Caring Indonesia, a 50.1 percent-owned indirect joint venture of Caring, and PT Era Farma Indonesia, a 49.9 per cent-owned indirect joint venture of Caring.
"This will be subject to a carve out as a condition precedent to the completion of the proposed disposal in accordance with the terms of the sale and purchase agreement," it added.
7-Eleven said the board decided to accept the offer on Friday. Trading for the company was suspended from 2.30 pm pending the announcement.
7-Eleven's share price closed 3.29 per cent or seven sen higher to RM2.20 at midday break, giving the company a market value of RM2.58 billion.