MOL may have dual listing in Malaysia and Singapore, says Vincent Tan

KUALA LUMPUR: Billionaire Tan Sri Vincent Tan plans to list the chain of 7-Eleven convenience stores, under a company called 7-Eleven Malaysia Bhd, and also MOL Global Bhd which has shares in Internet giant Facebook, within the next two years.

“I think 7-Eleven and MOL will be worth more than RM1bil (combined) when they are listed,” he told reporters during the recent Berjaya Founder’s Day celebration held at Berjaya Times Square.

Tan, the founder and controlling shareholder of Berjaya Corp Bhd (BCorp) group of companies, also said telecommunications service provider U Mobile was expected to be listed on Bursa Malaysia in the third quarter of 2012.

The listed entity would be called U Mobile Communications Bhd.

Tan says 7-Eleven will seek a listing on the local bourse in 2013 or 2014.

“U Mobile might be worth RM4bil or RM5bil when it is listed,” said Tan.

Meanwhile, 7-Eleven would seek a listing on the local bourse in 2013 or 2014, according to Tan.

However, MOL might have a dual listing in Malaysia and Singapore.

“We can list MOL in Malaysia or Singapore, or in both countries. Definitely, the plan is next year. MOL is doing well. It is fairly profitable, and has very good growth.”

Tan said MOL had a lot of international businesses.

“MOL operates in Malaysia, Singapore, and also Thailand, India, the Philippines, and Indonesia. It is looking forward to Vietnam, Turkey and Brazil.

According to Tan, 7-Eleven and MOL could each raise RM200mil to RM300mil in the initial public offerings (IPOs).

He said part of the proceeds from the IPOs of both companies would be used to repay debt. “I had borrowed money to privatise them.”

To recap, MOL went public in 2003 and was privatised in 2008 by Tan.

Recently, MOL was in the limelight due to the 3.5 million shares it owns in Facebook, the world’s largest social networking service company.

Based on an assumption that Facebook shares start trading at US$40 after the company’s much anticipated IPO in the United States, MOL could stand to pocket US$140mil (RM420mil) for its shares.

As for the 7-Eleven convenience stores’ business, it was part of Berjaya Retail Bhd, which was listed on the local bourse for only about eight months before it was privatised in April last year.

It should be noted that Tan had stepped down as chairman of BCorp last Thursday, and said he wanted to devote more time and energy to promote more charitable initiatives and social programmes.

Tan said he would like to donate at least 10% (of 7-Eleven and MOL), after the companies are listed, to his Better Malaysia Foundation (BMF).

“So, the foundation will be better funded to carry out charitable efforts,” he said.

BMF was founded a few years ago by the tycoon, and was formerly known as the Vincent Tan Chee Yioun Foundation.

Tan also pledged to donate RM600mil in the form of securities and shares to BMF this year.

The RM600mil donation will be in the form of BCorp’s 10-year, 5% irredeemable convertible unsecured loan stocks valued at RM200mil, and RM400mil worth of shares in the upcoming listed U Mobile entity.

Tan had called the donation his “first installment” to fulfill his pledge to give away at least half of his wealth to charity.