The Jakarta Post
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search results
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search resultsCharoen Pokphand scraps plan to acquire 7-Eleven
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
Set as preferred source
A 7-Eleven outlet in Jakarta. (Courtesy of/tempo.co)
R
etail operator Modern Internasional announced on Monday that the acquisition of 7-Eleven convenience stores by Charoen Pokphand Indonesia had been cancelled because both parties had not reached an agreement.
“The deal was scrapped because related parties could not reach an agreement,” Modern Internasional director Chandra Wijaya said in a statement published on the Indonesia Stock Exchange.
On April 19, Modern Internasional, under its subsidiary Modern Sevel Indonesia, signed a business acquisition agreement with Charoen Pokphand Restu Indonesia worth Rp 1 trillion.
(Read also: 7-Eleven sold as business declines)
Despite having signed the conditional sales purchase agreement, the transaction was not considered effective as several requirements had to be resolved by related parties before June 30.
Modern Internasional was planning to sell its 7-Eleven stores amid intense competition from minimarkets Alfamart and Indomaret.
The company’s sales have also dropped in the past few years due to a government regulation that bans stores from selling alcoholic beverages. (bbn)
