The acquisition includes all of Caring’s subsidiaries and associate companies, as well as its manufacturing and distribution of in-house products in the country, the group said in a local bourse filing today.

However, the offer does not include Caring’s businesses in Indonesia, which is operated by PT Era Caring Indonesia and PT Era Farma Indonesia. Both companies are joint ventures involving Caring and other stakeholders.

The disposal provides an opportunity for 7-Eleven to unlock and monetise its investment in Caring, said 7-Eleven in a separate statement today.

The group had acquired a 75% stake in Caring back in June 2020 for RM423.2 million.

“The proposed disposal consideration of RM637.5 million will allow the company to record a one-off gain and is therefore expected to improve the net assets of the company and its subsidiaries,” it said in the statement.

Earlier today, the trading of 7-Eleven’s shares was temporarily suspended from 2.30pm to 5pm at the company’s request due to the pending announcement of a “very material transaction”.

Prior to the trade suspension, 7-Eleven’s share price was 7 sen or 3.29% higher at RM2.20 as of noon, giving it a market capitalisation of RM2.58 billion.