Tan Said to Hire Banks for $230 Million IPO of 7-Eleven MalaysiaElffie Chew and Chong Pooi Koon
Malaysian billionaire Vincent Tan hired UBS AG and Maybank Investment Bank Bhd. as lead managers to help raise about 750 million ringgit ($230 million) through an initial public offering of 7-Eleven Malaysia Sdn., two people familiar with the matter said.
The retailer could begin trading in Kuala Lumpur as early as this year, said the people, who asked not to be named as the information is private. The final size and timing of the offering have yet to be determined, they said.
The proposed share sale comes after the benchmark FTSE Bursa Malaysia KLCI Index closed at a record on July 24, spurring more companies to list. UMW Holdings Bhd. said it plans a share sale for its oil and gas unit. Westports Holdings Sdn., a ports operator, is also preparing for an IPO.
7-Eleven is Malaysia’s biggest convenience store operator with more than 1,300 outlets nationwide, according to its website. Tan, the company’s chairman and founder of gaming and retail group Berjaya Corp., didn’t immediately respond to an e-mail seeking comment and a spokeswoman couldn’t be reached by phone today.
The appointment of banks was first reported by the Wall Street Journal today.