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An industry source said Central probably made this decision because of its ownership in Tops Supermarket and FamilyMart. Parts of their operations overlap Big C’s, he said, adding that hypermarkets are not Central’s business focus for Thailand. He also noted that the value of Big C Thailand was far higher than Big C Vietnam’s.
- Big C has a market value of 163.25 billion baht (US$4.49 billion) in Thailand, and total rental space of 800,000 sqm. Groupe Casino holds 58.6 per cent of the total paid-up capital. Its annual sales in Asia – Thailand and Vietnam – were up 13. 1 per cent from 2014 at 3.97 billion euro ($4.33), but organic growth was down 0.8 per cent.
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Thai tycoon Charoen Sirivadhanabhakdi's holding company, TCC Group, will buy Casino's 58.6% stake in Big C Thailand for 252.88 baht a share ($7.10), the company said in a statement on Sunday, confirming an earlier report in the Wall Street Journal. At that price, Mr. Charoen's offer values Big C.
“Vietnam seems to be more interesting to Central, judging from the financial sums to be invested in Thailand and possible cannibalisation of Tops and FamilyMart,” the source said.
Central, the largest retail conglomerate in Thailand, accepted a tender offer from TCC Group. The deal, worth at least Bt50 billion, will help Central finance the purchase of Big C Vietnam.
Central declined to provide any details on the deal, saying its executives were travelling outside the country.
Central Group, which has interests spanning from hotels and resorts to property and restaurants, also bid when Casino Group was selling its Thai assets, eventually losing out to Charoen. He bought the French retailer’s majority 58.6-per-cent stake in Big C Thailand for 3.1 billion euros (Bt124 billion) in February.
Central in partnership with Nguyen Kim Group recently acquired Big C Vietnam from Casino for 920 million euros. Central Group chief executive officer Tos Chirathivat said the acquisition represented the strength of Central’s will to keep expanding its business in Asia. Operating for more than 18 years, Big C Vietnam has 43 stores nationwide, comprising 33 hypermarkets and 10 convenience stores, and 30 shopping malls. Total revenue in 2015 was about 586 million euros.
Quant, an independent financial advisory, applied eight methods to calculate the value of Big C Thailand, suggesting fair prices ranging from Bt152.7 to Bt265.7 per share. The highest price came from the comparison of the company’s price-to-earnings ratio and other domestic retailers’ in the past 12 months.
France's Casino Group officially sold its Big C supermarket in VietNam to the Thai Central Group for 1 billion EUR (US$ 1.14 billion), theFrench group said in a statement.
The proceeds to be received by the group will amount to 920 million EUR.
Last year, Casino Group said it may sell the Big C supermarket chainin Viet Nam, Thailand and Colombia to strengthen its financialcapacity.
The group has sold its Big C supermarkets in Thailand to the BJCgroup, a subsidiary of Thailand's TCC Group, for of 3.1 billion EUR.
Casino Group has made significant investments for more than 18 yearsto develop its subsidiary Big C in Viet Nam to create a leading foodretailer in the country. Big C Vietnam consists of a network of 43stores and 30 shopping malls and in 2015 achieved an after tax turnoverof 586 million EUR.
The Casino Group will continue its sourcing of Vietnamese food products distributed in France, Brazil and Colombia.
The Thai Central Group is one of the main family-owned conglomeratesin Thailand, operating in many sectors, including real estate,department stores, retail, hospitality and restaurants.
In 2015, the group through its subsidiary Power Buy, acquired a 49per cent stake in NTK New Solution and Technology Development InvestmentJoint Stock Co, which owns Nguyễn Kim, a large Vietnamese electronicsmall.
In Vietnam, the group is also known for its series of Robins shopping malls in Hanoi and HCM City.
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