KUALA LUMPUR – Convenience Shopping (Sabah) Sdn Bhd (CSSSB), a wholly owned subsidiary of 7-Eleven Malaysia Holdings Bhd, has received a binding term sheet from BIG Pharmacy Healthcare Sdn Bhd to acquire its entire 75% stake in Caring Pharmacy Group Bhd (Caring) for RM637.5 million.
In a filing with Bursa Malaysia today, 7-Eleven said the offer includes all Caring’s subsidiaries and associated companies, which own and operate the retail pharmacy businesses under the “Caring”, “Georgetown”, and “Wellings” brands, as well as any manufacturing and distribution of in-house products in Malaysia.
The offer includes the acquisition of all intellectual property rights currently owned and utilised by the Caring Group and the Indonesian businesses, including the three brands and all in-house brands sold by the Caring group, but excludes those in Indonesia operated by PT Era Caring Indonesia and PT Era Farma Indonesia, it said.
7-Eleven said 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 redirect its resources to grow its convenience store business. – Bernama, July 21, 2023
