Seven & I Holdings Announces Share Buyback and Acquisition of 7-Eleven Australia

by Warren Seah

Shares of Seven & I Holdings, the owner of popular retail chain 7-Eleven, experienced a significant boost after the company revealed its intentions to repurchase shares, acquire the 7-Eleven convenience-store chain in Australia, and conduct a stock split.

Currently, the shares of Seven & I Holdings have surged by 5.4% and are valued at 5,794 yen. In fact, they even reached a peak intraday level of Y5,920, marking the highest point since September 29.

According to the Japanese company’s announcement made after the market closure on Thursday, Seven & I Holdings plans to repurchase up to 25 million shares for a maximum sum of Y110 billion (approximately US$742.2 million). This repurchase program will take place from December 1, 2023, to May 31, 2024. Additionally, following a stock split slated for March 1, 2024, the total number of shares eligible for repurchase will increase to 75 million.

The stock split will convert every one common share held by shareholders recorded on the final shareholder register on February 29, 2024, into three shares, as disclosed by Seven & I Holdings.

In another notable move, the company’s joint venture, 7-Eleven International, has reached an agreement to acquire the entire share capital of 7-Eleven Australia for the sum of 1.71 billion Australian dollars (approximately US$1.13 billion). 7-Eleven Australia currently operates an extensive network of 751 local stores and has long been a licensee of 7-Eleven.

It is worth mentioning that 7-Eleven International functions as a joint venture between 7-Eleven Inc. and Seven-Eleven Japan Co., both of which are subsidiaries of Seven & I Holdings.

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