7-Eleven Malaysia rises 5 pct in market debut

KUALA LUMPUR Thu May 29, 2014 9:04pm EDT

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KUALA LUMPUR May 30 (Reuters) - Malaysia's dominant convenience store operator, 7-Eleven Malaysia Holdings Bhd , rose 5 percent in its first day of trade after raising $225 million in its initial public offering.

Its shares were trading at 1.45 ringgit on Friday morning at 0101 GMT, compared with their IPO price of 1.38 ringgit per share. The broader market declined 0.1 percent.

The company, controlled by Malaysian tycoon Vincent Tan, is the country's leading convenience store chain by far, commanding 82 percent of the market.

It plans to use the funds raised in the IPO to speed up openings of new stores, aiming for 600 new stores in the next three years, compared with 300 in the past three years. It currently has almost 1,600 outlets. (Reporting by Yantoultra Ngui; Editing by Edwina Gibbs)

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