PETALING JAYA: 7-Eleven Malaysia Holdings Bhd’s long-term prospects remain rosy, supported by its expansion drive and synergy realisations with Caring Pharmacy and Berjaya Corp Bhd (BCorp)-related companies, said CGS-CIMB.
The research house said although 7-Eleven Malaysia’s near-term sales could be impacted by weaker footfall in light of the rise in Covid-19 cases and movement restrictions nationwide, it gathers that 7-Eleven Malaysia remains focused on improving its product mix and optimising its cost base. This was illustrated in FY20 when the convenience store segment’s profit after tax margin remained stable year-on-year (y-o-y) at 2.3% (FY19: 2.3%) despite segment revenue declining by 12.7% y-o-y.
co-founder and CEO Tan Eng Kee.
Hong Leong Group’s Quek Leng Chan continued to top the list of Malaysian billionaires with an estimated net worth of US$9.7bil.
Globally, Amazon CEO Jeff Bezos remained the richest person in the world with US$177bil net worth.
Vincent Tan steps back
TAN Sri Vincent Tan has relinquished his executive role in his flagship Berjaya Corp Bhd, as the founding family began handing over the day-to-day running of sprawling business empire to professional managers led by Abdul Jalil Abdul Rasheed.
Vincent Tan, 69, has remained as chairman of the group.
On Tuesday, Vincent Tan said Jalil, together with his son executive deputy chairman Datuk Seri Robin Tan will be handling the strategic and operational decision-making and planning the future business direction of the BCorp Group.
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