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PETALING JAYA (Aug 20): 7-Eleven Malaysia Holdings Bhd (SEM) has completed its RM19 million acquisition of a parcel of freehold agricultural land in Seri Kembangan, Selangor, intended for the development of a food commissary.
In a Bursa Malaysia filing on Thursday (Aug 20), the convenience-store operator said the acquisition by its subsidiary QVI Foods Sdn Bhd had been completed.
The land, acquired at about RM205 per sq ft, is adjacent to QVI Foods’ existing food commissary. SEM had said the location was expected to provide operational synergies and flexibility for a purpose-built facility to support the group’s expansion plans.
SEM estimated the premium to convert the land from agricultural to industrial use at about RM4 million. It cited recent transactions for comparable industrial land in the vicinity at about RM266 to RM271 psf.
The group said the proposed commissary is expected to strengthen its fresh-food supply capabilities, broaden product offerings across its CAFé by 7-Eleven network and improve product quality consistency.
No external valuation was conducted for the land. SEM said the RM19 million consideration was based on management’s internal assessment, taking into account factors including the land’s agricultural status, estimated conversion premium, comparable-property transactions and its location next to QVI Foods’ existing commissary.
The acquisition was first announced on April 28. SEM disclosed further details on May 4 following a query from Bursa Malaysia Securities Bhd.
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