7-Eleven Malaysia Holdings Bhd has teamed up with a listed company on the Jakarta Stock Exchange to set up a retail pharmacy chain in Indonesia.
SEM, in a filing today, said its 75% owned Caring Pharmacy Retail Management Sdn Bhd has entered into a joint venture with PT Era Prima Indonesia (EPI) to establish the business.
Caring would take a 50.1% stake in the JV.
SEM said the total funding of the proposed JV was about RM8.55mil. “The proposals represent an opportunity for the SEM Group to venture into the pharmaceutical industry in Indonesia,” it said.
EPI is a subsidiary of listed firm PT Erajaya Swasembada Tbk, a distributor and retailer of mobile communication products.