The convenience store operator said the reason behind the suspension request was due to a pending announcement of a “very material transaction”.

7-Eleven stated in the filing that the local bourse has approved its application to suspend the trading of its shares.

Earlier today, The Edge reported that BIG Pharmacy Healthcare Sdn Bhd had agreed to take over Caring Pharmacy Group Bhd from 7-Eleven in a deal worth RM900 million.

7-Eleven owns a 75%-stake in Caring, with the remainder held by Motivasi Optima Sdn Bhd.

Berjaya Corp Bhd founder Vincent Tan is the largest shareholder of 7-Eleven, with a 28.34% stake.

BIG Pharmacy was founded by Lee Meng Chuan and his wife Lim Sin Yin, both qualified pharmacists. The company, which currently operates 282 outlets, is actively expanding its businesses ahead of its planned initial public offering.

It is a wholly owned subsidiary of Big Pharmacy Holdings Sdn Bhd (BPHSB), of which Lee and Lim collectively hold a 15% stake directly, and 40.22% indirectly via Uptown Paradise Sdn Bhd.

Local private equity firm Creador also has a 35.03% stake in BPHSB through Iris Pallida Sdn Bhd.

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.