7-Eleven Malaysia unit to sell stake in Caring Pharmacy to BIG Pharmacy

The proposed transaction is valued at around $139.4m.

Convenience Shopping (Sabah) Sdn Bhd (CSSSB), a wholly-owned subsidiary of 7-Eleven Malaysia will be selling its entire 75% stake in Caring Pharmacy to BIG Pharmacy Healthcare.
In a statement, 7-Eleven said the CSSSB received a binding term sheet from BIG Pharmacy to acquire Caring Pharmacy for around $139.4m (RM637.5m).

“The Proposed Disposal provides an opportunity for the Company to unlock and monetise its investment in Caring. The Company is expected to record a one-off gain from the Proposed Disposal and thereby is expected to improve the net assets of the Company and its subsidiaries,” 7-Eleven said.

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“After the Proposed Disposal, the management of the Company is able to redirect its resources to grow its convenience store business,” it added.

The transaction will include all Caring’s subsidiaries and associated firms under the CARING, Georgetown and Wellings brands and any manufacturing and distribution of in-house products in the country.

This will cover the intellectual property rights of Caring Group and its Indonesian businesses, except the business in Indonesia that are operated by PT Era Caring Indonesia, a 50.1%-owned indirect owned venture of Caring and PT Era Farma Indonesia where it holds a 49.9% stake.

$1 = RM4.5