The Sultan of Malaysia increased his stake in convenience store operator 7-Eleven Malaysia Holdings Bhd., owned by Japan's Seven & i Holdings Co. Ltd., to 8.44%, InsideRetail Asia reported Aug. 10.

Malaysia's nominal ruler reportedly became 7-Eleven Malaysia's second-largest individual shareholder after recently buying 93.7 million of its shares.

The company, with revenue of 2.10 billion Malaysian ringgit in 2016, is expanding its retail footprint in the country, according to the publication.

As of Aug. 10, US$1 was equivalent to 4.29 Malaysian ringgit.