KUALA LUMPUR, 15 April 2016:
7-Eleven Malaysia Holdings Bhd’s wholly-owned unit, 7-Eleven Malaysia Sdn Bhd has, inked a memorandum of understanding (MoU) with Brahims SATS Food Services Sdn Bhd (BSFS) to collaborate and cooperate in the food chain supply.
Formerly known as Brahim’s Airline Catering Sdn Bhd, BSFS is 51%-owned by Brahim’s Holdings Bhd.
In a joint filing to Bursa Malaysia today, 7-Eleven and Brahim’s said under the MoU, BSFS would plan, develop and create menu specifications and products to be marketed through 7-Eleven’s nation-wide chain of convenience stores.
7-Eleven would also provide a centralised distribution centre for BSFS to deliver all products manufactured by the company and to arrange for product delivery.
“A joint working group is established to facilitate the cooperation by overseeing the smooth implementation of the MoU and the cost of the cooperative activities shall be funded on terms to be mutually agreed upon by the respective parties on a case by case basis.”
Both parties would be responsible to make sure their mutual interest are protected and remain exclusive during the term of the MoU, as well as, continue exploring any other opportunity in other areas of business that may develop into continuous business relation or cooperation.
7-Eleven and Brahim’s said the MoU was not expected to have immediate material effects on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding of both companies for the year ending 31 Dec 2016.