7-Eleven MY to sell Caring Pharmacy to BIG Pharmacy for US$134m

7-Eleven Malaysia has confirmed to sell 75% stake of Caring Pharmacy Group to Malaysian healthcare firm BIG Pharmacy for US$134m. 

According to the official statement released by 7-Eleven Malaysia, the deal includes the acquisition of all Caring's subsidiaries and associated companies, which own and operate the retail pharmacy businesses under the 'CARiNG', 'Georgetown' and 'Wellings' brands, as well as any manufacturing and distribution of in-house products in Malaysia.

The deal also includes the acquisition of all intellectual property rights presently owned and utilised by Caring Group and the Indonesian businesses, but excludes the businesses in Indonesia operated by PT Era Caring Indonesia, a 50.1%-owned indirect joint venture of Caring, and PT Era Farma Indonesia, a 49.9%-owned indirect joint venture of Caring.

Caring or the relevant member of Caring Group will enter into a trademark licensing agreement to license the “Wellings” trademark registered in Indonesia to ECI for two years to assist the transition of the Indonesian businesses currently operating under the “Wellings” mark to another brand.

“The proposed disposal provides an opportunity for the company to unlock and monetise its investment in Caring,” 7-Eleven Malaysia said in the statement. “After the proposed disposal, the management of the company is able to redirect its resources to grow its convenience store business,” it added. 

MARKETING-INTERACTIVE has reached out to 7-Eleven Malaysia for more information.

Founded in 2012, Caring owns and operates the retail pharmacy business under the 'CARiNG' brand in Malaysia and Indonesia, and its acquired pharmacy chains which operate under the 'Georgetown' and 'Wellings' brands in Malaysia.

According to the statement, Caring is a 75%-owned subsidiary of Convenience Shopping (CSSSB), which in turn is a wholly-owned subsidiary of 7-Eleven Malaysia. Meanwhile, Motivasi Optima owns the remaining 25% equity interest in Caring.

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