KUALA LUMPUR (July 21): Trading of 7-Eleven Malaysia Holdings Bhd shares will be temporarily suspended from 2.30pm to 5pm on Friday (July 21), on the request of the company, pending the announcement of a "very material transaction".
In a bourse filing, the convenience store operator announced that Bursa Securities has approved of its request.
Earlier on the same day, The Edge reported, citing sources, that Creador-backed retail pharmacy chain BIG Pharmacy Healthcare Sdn Bhd has inked a deal to buy its competitor Caring Pharmacy Group Bhd from 7-Eleven Malaysia in a deal worth RM900 million.
“7-Eleven Malaysia has closed a deal for the sale of Caring Pharmacy. An announcement on the transaction is expected to be made as soon as today,” a source was quoted as saying.
Another source said BIG Pharmacy, which was the third highest bidder for Caring Pharmacy, emerged as the winner after 7-Eleven Malaysia’s negotiations with the two other main bidders for Caring Pharmacy — the US-based private equity fund Carlyle Group Carlyle and Luxembourg-based investment advisory firm CVC Capital Partners — fell through.
Prior to the trading suspension, 7-Eleven Malaysia's share price closed seven sen or 3.29% higher at RM2.20, valuing the company at RM2.58 billion.