Casino Big C Thailand
Posted By admin On 31/07/22The move is in line with the French company’s plans to cut its debt.
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The deal to purchase the controlling stake in Thailand’s leading hypermarket chain will cost tycoon Charoen Sirivadhanabhakdi’s holding company Bt252.88 a share.
An agreement between the two companies could be announced before the market opens in Asia this morning.
Responding to the Casino Group’s decision to divest its shares in Big C, Warunee Kitjaroenpoonsin, director of corporate affairs at Big C Supercentre, said Big C was a public listed company consisting of many shareholders, with Casino the majority shareholder.
Warunee said the decision to divest the stake was in line with what public listed companies did.
Warunee said that despite having a new majority shareholder, Big C would continue to follow its strategic priorities set for 2016.
They include a business expansion, with the opening of six hypermarkets, three Big C Markets and 75 Mini Big C stores.
Major renovations of seven Alcudia outlets are also planned this year, while Big C aims to maintain its brand-price leadership in the market.
Casino Group is set tosell its stake in Big C Supercenter PCL to the TCC Group, one of Thailand'sleading conglomerates, for 3.1 billion euro (US$3.46 billion).
The sale is expected to be completed by March 31. - Photo kinhdoanhnet.vn |
It marks a major step in the Frenchretailer's plan to cut its debts.
Big C is a leader in food retail andcommercial real estate in Thailand with a large network of more than 700 stores,including 125 hypermarkets, and a turnover of 3.4 billion euros last year.
It has signed a contract to sell its58.6 per cent stake in Big C at 252.88 baht ($7.1) per share, a 28 per centpremium to Big C's market price when the stake sale plan was announced onJanuary 14, the French retailer said in a release.
The sale is expected to be completedby March 31.
In December Casino Group hadrevealed plans to sell its Big C supermarket chain in Viet Nam as well asThailand and Colombia to strengthen its financial flexibility.
The sales of its Vietnamese retailoperations and some of its real estate holdings in Colombia are ongoing.
A Big C Viet Nam spokesperson saidrecently that some local newspapers had reported that the sale of the Viet Namoperations was completed.
'This information is incorrect,' hesaid, adding that the process of selling the wholly-owned Big C Viet Nam is justin the beginning stage.
Casino has received expressions ofinterest from Lotte Shopping of South Korea, Singapore's Dairy Farm, Thai retailgiants Berli Jucker and Central Group, and Japanese retail group Aeon.
Big C is among several major foreignretailers in Viet Nam and a big player in the retail sector.
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