KUALA LUMPUR (Dec 27): 7-Eleven Malaysia Holdings Bhd is injecting RM7.51 million into Myinteractive Sdn Bhd (MSB), which is in the process of securing a licence and approval to run electronic motorcycle taxi services in Malaysia.
In a filing with Bursa Malaysia, 7-Eleven said it is subscribing 490,030 new shares at RM15.33 a share, giving the group 46.45% stake in the enlarged issued share capital of MSB.
MSB is currently 95.23%-owned by its founder Nabil Fiesal Bamadhaj and 4.77% by Qinetics Solutions Sdn Bhd.
MSB’s principal activities are the provision of delivery services, web development, design and consultation services and is the operator and owner of three mobile applications, namely Dego App, Dego Partners and Dego Orders.
7-Eleven said MSB is led by Nabil Fiesal, who operated Dego Ride before it was banned by the previous government.
Dego Ride garnered 1,500 riders and more than 60,000 users in three months before the ban.
The government had recently announced it would embark on a proof of concept trial (POC programme) for e-hailing bike services in the Klang Valley for six months, starting in January 2020.
7-Eleven said the POC programme will provide the government essential data to evaluate the demand for the e-hailing bike services, while working on drafting the legislation to govern the said service and will consider expanding it to other areas, if there is demand.
“The government’s initiative in undertaking the POC programme is a positive step and augurs well with the proposed subscription, as Dego Ride is the only company in Malaysia (besides Singapore’s GrabBike and Indonesia’s Gojek) which has indicated its interest to participate in the POC programme,” it said.
“The e- hailing bike services, when implemented, is expected to boost the local economy by creating job opportunities for youths in Malaysia.
“The subscription represents an opportunity for the 7-Eleven group to acquire a substantial equity stake in MSB, which will be undertaking the proposed project [to revive Dego Ride] and to provide convenience delivery services for its 7-11 outlets,” it added.
7-Eleven’s share price closed unchanged at RM1.43 today, giving it a market capitalisation of RM1.65 billion.