KUALA LUMPUR (Feb 13): As Berjaya Corp Bhd (BCorp)’s founder and major shareholder, Tan Sri Vincent Tan Chee Yioun began shaving his stake in BCorp to pave way for a major acquisition. The tycoon has been buying shares in 7-Eleven Malaysia Holdings Bhd.

Between Dec 29 last year and Feb 10, Tan has in total bought 4.05 million or 0.36% stake in his personal capacity in the convenience store chain operator, raising his direct stake to 22.31%.

He is currently the second largest shareholder of 7-Eleven after Classic Union Group Ltd, which is owned by Taiwanese banker Tsai Tzung-Han, holding 25.87% stake or 291.4 million shares.

Tan also holds an indirect stake of 10.33% in the company, whose share price had a roller coaster ride between October and November last week amid rumour of it being a takeover target.

The stock then hit a record high of RM2.38 last October. The upward momentum was not sustainable after it reached the new peak. Its share price then fell below RM1.70. Nonetheless, the stock has regained some lost ground in the recent three months.

The company also caught the attention when Farhash Wafa Salvador, the former political secretary to Prime Minister Datuk Seri Anwar Ibrahim, was appointed as the chairman of its board after Tan’s son Datuk Robin Tan Yeong Ching stepped down from the position on Jan 3.

Financial performance wise, for the third quarter ended Sept 30, 2022 (3QFY2022), 7-Eleven’s net profit jumped sharply to RM13.66 million from RM1.44 million a year earlier, due to a low base effect, as the country was still transitioning out of a full movement control order in the previous corresponding period.

Quarterly revenue expanded 45% to a record high of RM988.21 million from RM680.22 million in 3QFY2021, carried by higher revenue contributions from both its convenience store and pharmaceutical segments.

For the nine-month period ended Sept 30, 2022 (9MFY2022), 7-Eleven’s net profit leapt 348% to RM63.81 million from RM14.23 million, while cumulative revenue jumped 37.6% to RM2.77 billion from RM2.01 billion.

Shares in 7-Eleven closed one sen higher at RM2 on Monday (Feb 13), giving the company a market capitalisation of RM2.47 billion.