Casino to divest stake in Big C
French retailer Casino Group confirmed its planned disposal of Big C Supercentre.
In a statement, it said: "In the context of the ongoing process for the sale of its operations in Vietnam, Casino Group has received expressions of interest for its publicly listed subsidiary Big C in Thailand. The group is taking steps towards the sale of this asset, which will be implemented in the best interest of the company and its shareholders."
On December 15, Casino Group announced a plan to strengthen its balance sheet and enhance its financial flexibility with a deleveraging plan of more than 2 billion through real estate transactions and disposal of non-core assets.
Big C today experienced a surge in share prices. At the close, the share price went up further to Bt226, gaining Bt28.50 or 14.43 per cent.
Over 1 million shares were traded today.
Big C in December clarified that the rumour was groundless.
Casino entered the Thai market in 1999 when it acquired a stake in Big C, the number two large-format food retailer. The acquisition of Carrefour Thailand’s operations in early 2011 has made Big C co-leader in the hypermarket segment.
