Thai Berli Jucker says has option to take Metro Vietnam off parent TCC's hands
Thai Berli Jucker says has option to take Metro Vietnam off parent TCC's hands
Thai consumer products group Berli Jucker Pcl (BJC) said its majority shareholder, TCC Holding, has awarded it an option to take over cash-and-carry retailer Metro Vietnam, subject to approval from previously reluctant minority investors.
TCC Holding, which owns nearly 74 percent of BCJ, agreed in April to step in to buy the Vietnamese unit of German retailer Metro after BJC's retail shareholders rejected a proposed deal for Metro Vietnam over concerns about financial risks.
BJC Chief Executive Aswin Techajaraoenvikul told investors during an earnings presentation Wednesday that his firm, which already runs trading, packaging and retail businesses in Vietnam, planned to use the country as a base to expand into Laos and Cambodia. International sales accounted for 20 percent of BJC revenue in the first half, with 80 percent of that portion coming from Vietnam.
TCC Holding is part of TCC group, controlled by Thai beer tycoon Charoen Sirivadhanabhakdi. TCC Holding is the flagship business in TCC's consumer goods and trading operations, and has been looking for opportunities to buy assets around Southeast Asia to offset slow demand at home.
