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Report: Berjaya Assets plans to take 7-Eleven Malaysia private

Malaysian investment holding company Berjaya Assets Berhad is reportedly planning to take 7-Eleven Malaysia Holdings Bhd. private and has been buying stocks of the convenience store operator on the open market, The Edge Markets said Jan. 30, citing unnamed sources.

7-Eleven Malaysia owns and operates convenience stores under Seven & i Holdings Co. Ltd.'s 7-Eleven brand in the country.

The report said Berjaya Assets became a substantial shareholder of the company on Jan. 30 with a 5.114% stake, after it acquired 5.1 million shares on the open market and via direct transactions. The diversified group reportedly intends to increase its stake to double digits.

Berjaya Assets is controlled by Tan Sri Vincent Tan Chee Yioun, who has a 42.463% total equity interest in the convenience store operator, according to the report. The Sultan of Johor, who has a 9.81% direct stake in Berjaya Assets, is the second-biggest shareholder of 7-Eleven Malaysia with a 15.523% stake, the report said.

The news outlet also mentioned that Berjaya Retail Bhd, Tan's private investment vehicle and the largest shareholder of 7-Eleven Malaysia, has been reducing its stake in the latter. Berjaya Retail reportedly went from having a 48.62% direct stake in the company to 31.61% from January to October 2017.