7-Eleven IPO in Malaysia rejected

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Man walks behind the logo of a 7-Eleven convenience store in TokyoThe Securities Commission Malaysia has rejected the operator of Malaysia’s largest convenience store chain 7-Eleven’s initial pubic offering (IPO), according to The Edge. The IPO would have had a value of 700 million ringgit ($222 milliom)

The reason for the rejection was not known, the report said. A draft prospectus released earlier by Seven Convenience Bhd, which runs the 7-Eleven outlets, said the IPO offered up to 530.33 million shares, and was scheduled before the end of 2013.

The prospectus said the IPO was to fund the company’s expansion, and upgrade of its stores as well as of its information technology systems.

Seven Convenience, part of Berjaya Retail Bhd, is controlled by billionaire tycoon Vincent Tan. The company operates some 1,500 7-Eleven outlets nationwide. Sources had said that Tan appointed Maybank Investment Bank and UBS AG to advise on the IPO.

 

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Reading Time: 1 minute

The Securities Commission Malaysia has rejected the operator of Malaysia’s largest convenience store chain 7-Eleven’s initial pubic offering (IPO), according to The Edge. The IPO would have had a value of 700 million ringgit ($222 milliom)

Reading Time: 1 minute

Man walks behind the logo of a 7-Eleven convenience store in TokyoThe Securities Commission Malaysia has rejected the operator of Malaysia’s largest convenience store chain 7-Eleven’s initial pubic offering (IPO), according to The Edge. The IPO would have had a value of 700 million ringgit ($222 milliom)

The reason for the rejection was not known, the report said. A draft prospectus released earlier by Seven Convenience Bhd, which runs the 7-Eleven outlets, said the IPO offered up to 530.33 million shares, and was scheduled before the end of 2013.

The prospectus said the IPO was to fund the company’s expansion, and upgrade of its stores as well as of its information technology systems.

Seven Convenience, part of Berjaya Retail Bhd, is controlled by billionaire tycoon Vincent Tan. The company operates some 1,500 7-Eleven outlets nationwide. Sources had said that Tan appointed Maybank Investment Bank and UBS AG to advise on the IPO.

 

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