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Wednesday, 6 December 2017 | MYT 10:21 PM

Sultan of Johor increases stake in 7-Eleven

KUALA LUMPUR: The Sultan of Johor, Sultan Ibrahim Ibni Almarhum Sultan Iskandar, has raised his stake in 7-Eleven Malaysia Holdings Bhd, acquiring an additional 63.08 million shares in the convenience store operator.

The shares were valued at almost RM100mil based on the stock’s closing price yesterday. The latest purchase of shares raised his stake in the company to 15.5%, a filing with Bursa Malaysia showed.

Sultan Ibrahim first emerged as a substantial shareholder in 7-Eleven in August.

With a stake of 172.37 million shares, Sultan Ibrahim is the second largest shareholder in the convenience store operator.

The company is controlled by tycoon Tan Sri Vincent Tan, who has about 42% equity interest.

The purchase, "reflects his continued confidence in the capabilities, performance and business potential of 7-Eleven Malaysia." Tan said.

7-Eleven’s shares rose by 1 sen at its close to RM1.56 yesterday.