Suara Malaysia
ADVERTISEMENTFly London from Kuala LumpurFly London from Kuala Lumpur
Friday, November 22, 2024
More
    ADVERTISEMENTFly London from Kuala LumpurFly London from Kuala Lumpur
    HomeNewsTrends7-Eleven sells 75% stake in Caring Pharmacy for RM637.5mil

    7-Eleven sells 75% stake in Caring Pharmacy for RM637.5mil

    -

    Fly AirAsia from Kuala Lumpur

    7-Eleven Malaysia Holdings Bhd (SEM) has received an offer from BIG Pharmacy Healthcare Sdn Bhd to acquire its entire 75% equity interest in Caring Pharmacy Group Bhd for RM637.5mil. In a filing with Bursa Malaysia, SEM said its wholly-owned subsidiary Convenience Shopping (Sabah) Sdn Bhd (CSSSB) received a binding term sheet from BIG Pharmacy for the proposed disposal.

    The offer includes the acquisition by BIG Pharmacy of all Caring’s subsidiaries and associated companies, which own and operate the retail pharmacy businesses under the ‘CARiNG’, ‘Georgetown’, and ‘Wellings’ brands, as well as any manufacturing and distribution of in-house products in Malaysia. It also includes the acquisition of all intellectual property rights currently owned and utilized by the Caring Group and the Indonesian businesses, excluding those operated by PT Era Caring Indonesia and PT Era Farma Indonesia.

    Caring is a 75%-owned subsidiary of CSSSB, which is a wholly-owned subsidiary of SEM. The ultimate shareholders of BIG Pharmacy are the founding family who collectively own 65% equity interest in BIG Pharmacy and Creador V L.P. who owns 35% equity interest in BIG Pharmacy. BIG Pharmacy was co-founded by Malaysian pharmacists Lee Meng Chuan and Lim Sin Yin, who have grown the business of ‘BIG’ in the Klang Valley to all across Malaysia.

    The proposed disposal provides an opportunity for the company to unlock and monetize its investment in Caring, resulting in a one-off gain and improvement of net assets for the company and its subsidiaries. After the proposed disposal, the company’s management will be able to redirect its resources to grow the convenience store business.

    ALSO READ:  'He's not relevant': Anwar lashes out at Mahathir


    Suara
    Suarahttps://www.suara.my
    Tech enthusiast turning dreams into reality, one byte at a time 🚀

    Related articles

    ADVERTISEMENTFly London from Kuala Lumpur

    Subscribe to Newsletter

    To be updated with all the latest news, offers and special announcements.

    Latest posts