7-Eleven sees 6.55% stake traded off market

7-Eleven sees 6.55% stake traded off market
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KUALA LUMPUR (Dec 23): 7-Eleven Malaysia Holdings Bhd, the country's largest convenience store chain controlled by tycoon Tan Sri Vincent Tan, saw 78.29 million shares or a 6.55% stake in the company traded off market today, for RM108.83 million.

According to Bloomberg data, the 7-Eleven shares were moved in a direct business transaction block at RM1.39 per share, 1 sen lower than its last traded price of RM1.40 today.

However, it is not immediately known as to whom the parties involved in the transactions were.

Based on Bloomberg data, as at Dec 23, Berjaya Retail Bhd, which is also controlled by Tan, remains the major shareholder in 7-Eleven. It held a 52.78% stake in the convenience chain.

Last month, 7-Eleven announced that it scrapped plans to use RM40.79 million from its initial public offering to build a combined distribution centre, saying instead that the money would be allocated for working capital.

At its closing price of RM1.40 today, 7-Eleven is valued at RM1.68 billion.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)