KUALA LUMPUR: Malaysia's largest convenience store chain operator, 7-Eleven Malaysia Holdings Bhd, is expected to raise RM731.85 million from its initial public offering (IPO) on May 30.

Founder of Berjaya Group and owner of 7-Eleven, Tan Sri Vincent Tan Chee Yioun, said a major portion of the IPO's proceeds would be used to enhance 7-Eleven's assets with the opening of some 600 new convenience stores in the next three years and faciltating the refurbishment of existing stores.

He said the funds would also be used to upgrade the company's information technology (IT) systems and for the construction of a new combined distribution centre (CDC) to service the outlets.

"We believe we have the right strategies in place to consolidate our market position and to improve our profitability, and the proceeds from our IPO will be used to help put our strategy in place," he told reporters at the launch of the IPO's prospectus here today attended by Domestic Trade, Co-operatives and Consumerism Minister Datuk Seri Hasan Malek.

-- Bernama