Berjaya Assets disposes 6.04m shares in 7-Eleven

By S BIRRUNTHA / Pic by BERNAMA

Berjaya Assets Bhd via its wholly-owned subsidiary Berjaya Bright Sdn Bhd disposed of 6.04 million shares or a 0.54% stake in 7-Eleven Malaysia Holdings Bhd (SEM).

In a filing to Bursa Malaysia yesterday the company said the disposal was done via a direct business transaction for a total cash consideration of about RM8.59 million or at RM1.421 per share.

“Following the disposal, Berjaya Bright now holds a total of 8.24 million SEM shares representing about 0.73% equity interest in SEM.

“The total cash consideration of the disposal was arrived at after taking into consideration the prevailing market prices of the SEM shares at the time of disposal,” it said in a statement.

According to Berjaya Assets, the cash proceeds from the disposal will be utilised for working capital of Berjaya Assets and its subsidiaries.

The group noted that the disposal is expected to enable the group to realise part of its investment in SEM.

It further added that the SEM shares were disposed free and clear of all liens, charges and claims of any kind or restriction.

Additionally, the group said the disposal has no effect on the issued share capital or substantial shareholders’ shareholdings or material effect on the net assets, earnings and gearing of Berjaya Assets.

“The SEM shares are classified as fair value through other comprehensive income investments and its carrying value will be marked to the disposal price upon its disposal.

“Therefore, the group will not record any gain or loss on the disposal of SEM Shares,” it noted.

Berjaya Assets share price closed 2.00% lower at RM0.24 today, for a market capitalisation of RM626.75 million.