BJC seeks shareholder approval to buy MM Mega Market Vietnam for THB22.5bn
BJC plans a debt-funded acquisition of MM Mega Market Vietnam’s 30 outlets, betting on Vietnam’s growth and expecting EPS accretion from year one, with synergies to follow over 1–2 years.
- Berli Jucker Public Company Limited (BJC) is seeking shareholder approval for the acquisition of MM Mega Market Vietnam (MMVN) and its 30 branches for approximately THB 22.5 billion.
- The acquisition is strategically timed to capitalize on Vietnam's strong economic growth and MMVN's readiness for expansion following a business rehabilitation.
- The deal will be funded entirely by debt, with no capital increase, and is expected to be accretive to earnings-per-share (EPS) from the first year as MMVN is already profitable.
- BJC plans to expand MMVN by opening approximately 24 new branches over five years, funded by the Vietnamese company's own operating cash flow.
Berli Jucker Public Company Limited (BJC) is asking shareholders to approve the acquisition of the modern retail and wholesale business MM Mega Market Vietnam (MMVN), comprising 30 branches in Vietnam, with an investment value of approximately THB22.5 billion.
The move reflects BJC’s proactive view of Vietnam’s economic potential and the role of modern trade in ASEAN, while upgrading its overseas investment portfolio towards “accelerated growth” on a fully ready business base.
Thapanee Techajareonvikul, Chief Executive Officer and President of BJC, said the decision to acquire MMVN is a key strategic timing for BJC.
This is because three major factors have converged: Vietnam’s transitioning economic structure, MMVN’s readiness following business rehabilitation, and BJC’s strong capability to expand.
As a result, BJC believes it can unlock MMVN’s growth systematically and sustainably.
“This investment is not merely about expanding scale.
It is about taking ownership of a high-quality retail–wholesale platform at the right moment, when Vietnam’s broader structural reforms, as it moves towards a new economic structure and a new provincial administration model, align with BJC’s expansion potential and MMVN’s readiness after completing its rehabilitation process.
This creates the conditions to accelerate branch expansion and drive efficient long-term growth,” she said.
From a returns perspective, Vietnam remains one of the countries with strong economic growth prospects, with the latest GDP figure (2025) growing by around 8%.
MMVN is already profitable, and the acquisition will be funded entirely through debt, with no capital increase.
This is expected to make the deal earnings-per-share (EPS) accretive from the first year after closing.
There is also potential for additional value creation through group-wide synergy initiatives, such as stronger procurement bargaining power, private label development, and cross-selling, which are expected to gradually be reflected over the next 1–2 years.
In terms of cash flow, MMVN has EBITDA of around THB1.2 billion per year and carries no existing debt. Although there is a plan to invest an average of THB500–1,000 million per year to expand branches, this can be supported by operating cash flow without creating a structural burden on BJC’s financial position.
Under its five-year growth plan, MMVN aims to open around 24 new branches across multiple formats, including Cash & Carry, Depot, Food Service, and Supercenter.
Investment per branch is estimated at around THB200–600 million, with return on invested capital (ROIC) as a core consideration to maintain financial discipline and long-term growth quality.
Thapanee concluded that the acquisition of MM Mega Market Vietnam represents ownership of a high-quality retail–wholesale platform that is positioned to grow alongside Vietnam’s new-era economic structure, while delivering immediate added value to shareholders.
