KUALA LUMPUR, May 30 — Malaysia’s dominant convenience store operator, 7-Eleven Malaysia Holdings Bhd, rose 5 per cent in its first day of trade after raising US$225 million (RM724.8 million) in its initial public offering.
Its shares were trading at RM1.45 this morning at 0101 GMT, compared with their IPO price of RM1.38 per share. The broader market declined 0.1 per cent.
The company, controlled by Malaysian tycoon Vincent Tan, is the country’s leading convenience store chain by far, commanding 82 per cent of the market.
It plans to use the funds raised in the IPO to speed up openings of new stores, aiming for 600 new stores in the next three years, compared with 300 in the past three years. It currently has almost 1,600 outlets. — Reuters
