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Business

CP Indonesia lands local 7-Eleven operator for $75m

Affiliate of Thai conglomerate aims to revive loss-making chain

A 7-Eleven store in Jakarta

JAKARTA -- Charoen Pokphand Indonesia, an affiliate of Thai conglomerate Charoen Pokphand Group, has struck a 1 trillion rupiah ($75 million) deal to acquire the operator of 7-Eleven convenience stores in Indonesia, aiming to shore up the struggling franchise. 

CP Indonesia on Friday said the acquisition of Modern Sevel Indonesia is expected to go through by June, contingent upon regulatory and shareholder approval. Modern Sevel ran a total of 175 outlets as of September 2016, mostly in Jakarta.

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