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7-Eleven Malaysia owner considers take-private plan

Vincent Tan, founder and executive chairman of Malaysia-based Berjaya Corp. Bhd., is considering taking 7-Eleven Malaysia Holdings Bhd. private amid undervaluation concerns, The Star (Malaysia) reported Dec. 20.

Tan told reporters at a Dec. 19 press conference that Berjaya Corp. was in talks with several banks about options for the convenience store operator, which could result in a general offer for the business.

The tycoon, who holds a 45.6% stake in 7-Eleven Malaysia, also reportedly said that at least three foreign parties had previously made offers to purchase the business but did not proceed further due to its price tag.

"Many foreign parties are interested to buy 7-Eleven, but they say the price I'm asking is too high," he said, adding: "I think the business is worth US$1 billion."

As of Dec. 19, 2018, 7-Eleven Malaysia was priced at 1.27 Malaysian ringgit per share and valued at 1.57 billion ringgit, according to the report.

In January, Berjaya Assets Bhd., which is also controlled by Tan, bought 5.1 million shares of 7-Eleven Malaysia on the open market, reportedly as part of a take-private plan.

As of Dec. 19, US$1 was equivalent to 4.18 Malaysian ringgit.