KUALA LUMPUR (Dec 10): Berjaya Land Bhd (BLand), controlled by tycoon Tan Sri Vincent Tan, has continued to accumulate shares in convenience store chain operator 7-Eleven Malaysia Holdings Bhd over the past three months.  

In a filing with Bursa Malaysia today, BLand said its wholly-owned subsidiary Nural Enterprise Sdn Bhd acquired a total of 8.22 million shares, representing about 0.73% equity interest in 7-Eleven Malaysia in the open market between Sept 11 and Dec 8.

The shares were acquired for a total cash consideration of RM10.96 million or an average of RM1.33 per share. 

As a result, BLand and its subsidiaries now have a 5.28% stake in 7-Eleven Malaysia.  

"The acquisitions were funded from internal funds of the BLand Group. There is no liability to be assumed by the BLand Group arising from the acquisitions. The acquisitions enabled the BLand Group to increase its stake in 7-Eleven Malaysia," said BLand.  

In late 2018, Tan, who is also a substantial shareholder in 7-Eleven Malaysia, was reported to be contemplating to take the convenience store operator private, as he believed it was undervalued.  

Prior to today's announcement, BLand had bought a total of seven million shares or a 0.61% stake in 7-Eleven Malaysia in April alone.  

According to Bloomberg, Tan is the biggest shareholder in 7-Eleven Malaysia with a 26.33% stake. Other top shareholders of the company include Taiwanese banker Tsai Tzung-Han through his interest held in Classic Union Group Ltd (18.63%), True Ascend Sdn Bhd (10.73%), Johor ruler Sultan Ibrahim Ibni Almarhum Sultan Iskandar (4.53%), and Top Glove Corp Bhd chairman Tan Sri Lim Wee Chai (3.92%). 

Shares of 7-Eleven Malaysia closed down two sen or 1.48% at RM1.33 today, with a market capitalisation of RM1.64 billion.