Vincent Tan appoints banks to manage 7-Eleven IPO

KUALA LUMPUR: Tycoon Vincent Tan has appointed UBS AG and Maybank Investment Bank Bhd, among other banks, to manage an initial public offering of his 7-Eleven convenience-store franchise that could raise as much as US$200mil, people with knowledge of the matter said.

The Wall Street Journal reported two people as saying that neither the size of the offering nor the timing has been decided, but the IPO could take place later this year or next year and could value the company at as much as US$800mil. Tan had been looking to sell as much as 49% of his 7-Eleven Malaysia Sdn Bhd, including through a direct stake sale, but has decided on an IPO, one of the people said.