Thailand’s Central Group is a step nearer to settling on Big C Vietnam after selling its stake in Big C Thailand to a rival retailer.
Central has accepted an offer from rival TCC Group for its 25 per cent holding of Big C Supercenter, reported to be worth at least 50 billion baht (US$1.4 billion).
The deal follows French retail group Casino’s decision to sell its Thailand and Vietnam units this year in a bid to cut debt. Both businesses have hypermarkets, supermarkets and convenience stores.
Central Group, Thailand’s biggest retailer led by tycoon Tos Chirathivat, lost out to TCC’s flagship retail unit Berli Jucker in the battle to gain control of the Thai unit, but has agreed to pay 920 million euros (US$1.1 billion) for Big C Vietnam.