By Ronnie Harui
Seven & I Holdings’ shares rose after the owner of 7-Eleven and other retail stores said it plans to buy back shares, acquire the 7-Eleven convenience-store chain in Australia and conduct a stock split.
Shares were recently 5.4% higher at 5,794 yen on Friday after earlier touching Y5,920, the highest intraday level since Sept. 29.
The Japanese company said after the stock-market close on Thursday that it plans to buy back up to 25 million shares for a maximum of Y110 billion (US$742.2 million) from December through May. Following a stock split expected on March 1, the total number of shares that can be bought back will be 75 million, Seven & I said.
Its stock will be split into three shares for every one common share held by shareholders recorded on the final shareholder register on Feb. 29, 2024, Seven & I said.
Seven & I’s joint venture 7-Eleven International also agreed to acquire 100% of the shares of 7-Eleven Australia for 1.71 billion Australian dollars (US$1.13 billion), it said. 7-Eleven Australia is the largest independent convenience-store chain in Australia, operating 751 local stores, and is a longstanding licensee of 7-Eleven.
7-Eleven International is a JV between 7-Eleven Inc. and Seven-Eleven Japan Co., which are owned by holding company Seven & I Holdings.
Write to Ronnie Harui at [email protected]
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