CP INDONESIA UNIT SCRAPS 7-ELEVEN DEAL
Charoen Pokphand Indonesia has scrapped its planned acquisition of 7-Eleven convenience stores held in the country by Modern Internasional. The Indonesian retail operator said the parties failed to reach an agreement.
Modern Internasional director Chandra Wijaya announced the collapse of the deal in a filing with the Indonesian stock exchange.
On April 19, Modern Internasional, under its subsidiary Modern Sevel Indonesia, signed an acquisition agreement with Charoen Pokphand Restu Indonesia worth 1 trillion rupiah (Bt2.5 billion).
Separately, 7-Eleven Inc, the firm behind the global operation of the retail chain, said it would open its first store in Vietnam next week. A post on the company’s Facebook page said the store would open on June 15 at the Saigon Trade Centre in Ho Chi Minh City. – The Jakarta Post, Viet Nam News
SALE OF 1.6M TONNES
OF RICE APPROVED
The Rice National Policy Committee has approved the sale of 1.66 million tonnes of rice from government stockpiles to 24 bidders. The move ensures that the stockpiles will be cleared this year, as planned.
The government will earn up to Bt16.55 million from the upcoming sale.
Duangporn Rodphaya, director-general of the Foreign Trade Department, said the bidding had opened on May 24 and the department was satisfied with the response. Storing the rice had been costing about Bt800 a tonne per month and the government would reap the savings once the stocks were cleared, Duangporn said.
Some 2.7 million tonnes of degraded rice would be released for industrial supply this month or the next, Duangporn said.
