Philippine Seven Corporation (SEVN) was incorporated in November 1982 and acquired from Seven Eleven, Inc. (formerly Southland Corporation) of Dallas, Texas the license to operate 7-Eleven stores in the Philippines on December 13, 1982. SEVN opened its first store in 1984 at the corner of Kamias Road and EDSA Quezon City, Metro Manila. In July 1988, SEVN transferred its Philippine area license to operate 7-Eleven stores to its affiliate, Phil-Seven Properties Corporation (PSPC), together with some of its store properties, in exchange for shares of stock of PSPC. In May 1996, the stockholders of both SEVN and PSPC approved the merger of the two companies, with the Securities and Exchange Commission subsequently approving of the merger in October that same year. PSPC was then absorbed by SEVN as the surviving entity. As of December 31, 2008, SEVN operated 368 stores, 121 of which are franchise stores, another 80 are operated under a service agreement, and the rest being company-owned stores. Source: SEC Form 17-A (2008)