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Modern Internasional sells 10pc stake, to add 25 7-Eleven stores in Jakarta by year end

Malaysia’s CIMB Private Equity has bought a 10 percent stake worth USD25 million in Modern Internasional which manages 7-Eleven franchises in Indonesia.

CIMB will acquire 415.8 million shares in Modern Internasional, which plans to use proceeds from the sale to expand its presence in Jakarta.

Modern Internasional, through its subsidiary Modern Sevel Indonesia, owns 175 7-Eleven stores in Jakarta, but plans to operate up to 200 by the end of 2014.

(Source: Jakarta Globe )