The Bursa Malaysia-listed company is working with an advisor on the potential divestment of Caring Pharmacy Group Bhd, which is attracting interest from some Japanese parties, Bloomberg reported today.

The company is said to be seeking a valuation for the retailer of about US$400 million (RM1.78 billion) in the deal, said one of the people, who asked not to be identified as the process is private.

Deliberations are ongoing and 7-Eleven Malaysia could decide not to proceed with the planned sale, the report stated. It added that 7-Eleven Malaysia and Berjaya Corp did not immediately respond to requests for comment by phone and email.

Founded in 1994 by five pharmacists, Caring sells pharmaceutical, healthcare and personal care products, according to its website. It had over 120 stores across Malaysia as of 2019.

Convenience store operator 7-Eleven Malaysia is the biggest 24-hour chain store in Malaysia, according to its website. Its largest shareholder is Berjaya Corp founder Vincent Tan, who controls about 44.7% of the stock, according to the chain’s 2021 annual report.

The company started offering franchising programmes to local entrepreneurs in 2009 after the number of stores in its network crossed the 1,000 mark the same year.