7-Eleven Malaysia Holdings Bhd (SEM) said that its wholly owned subsidiary, 7-Eleven Services Sdn Bhd (7ESSB), has entered into an agreement today, to subscribe for a 30% stake in BLoyalty Sdn Bhd (BLSB) by purchasing 90 million new ordinary shares at a nominal value of 1 sen per share, amounting to a total cash consideration of RM900,000.
Despite BLSB’s audited net liabilities of RM12.32 million as of June 30, 2024, SEM sees this investment as a strategic move, considering the future earnings potential and the value of BLSB’s established loyalty programme platform.
Notably, BLSB is ultimately controlled by Berjaya Corporation, a company in which Tan Sri Vincent Tan – a major shareholder of SEM – holds significant interest, making his son, ED and co-CEO Tan U-Ming, an interested director who has abstained from board discussions and voting on the deal.
The acquisition will be funded internally and is expected to complete by the third quarter of 2025, making BLSB a 30%-owned associate of SEM.
SEM’s audit committee and board excluding Tan U-Ming consider the subscription fair and in the best interest of the group. — TMR
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