ASEAN expansion — BJC seals MM Mega Market Vietnam deal

Berli Jucker Public Company Limited (BJC) has completed its acquisition of MM Mega Market Vietnam (MMVN), a modern retail and wholesale business in Vietnam, in a deal worth around 22.5 billion baht, marking a major step in the group’s push to build a stronger retail and wholesale platform across ASEAN.

The transaction strengthens BJC’s regional retail and wholesale ecosystem through a modern trade platform with a nationwide network of 31 branches in Vietnam. The company sees the country as one of Southeast Asia’s most promising consumer markets, supported by continued economic expansion and rising domestic purchasing power.

Thapanee Techajareonvikul, chief executive officer and president of BJC, said Vietnam is one of the region’s highest-potential markets, given its economic outlook, demographic structure and the growth of modern trade.

She said the acquisition of MM Mega Market Vietnam was not simply about expanding the group’s business footprint, but about creating long-term synergy across BJC’s retail and wholesale ecosystem in Thailand and the wider ASEAN region.

“We see many opportunities to build on this business together, including procurement, own-brand and private-label development, supply-chain management, regional sourcing networks and new business opportunities,” she said. “These will help improve efficiency and strengthen BJC’s retail and wholesale portfolio over the long term.”

The closing of the deal follows BJC’s earlier move in February to seek shareholder approval for the acquisition of MM Mega Market Vietnam for about 22.5 billion baht. At the time, the company said the acquisition was aimed at capturing Vietnam’s growth potential and generating synergy over the next one to two years.

According to BJC’s independent financial adviser document, the transaction involves C-Distribution Asia Pte Ltd, an indirect BJC subsidiary, acquiring all ordinary shares of TCC Land International (Singapore) Pte Ltd from Golden Land International Pte Ltd. TCC Land International holds 100% of MMVN, which operates wholesale and retail distribution for consumer goods across Vietnam.

BJC is also seeking to balance expansion with financial discipline. The company said it has used part of the proceeds from the sale of several unused assets, worth more than 10 billion baht, to reduce debt linked to the acquisition. It described the move as part of an active asset optimisation strategy aimed at preserving the group’s long-term financial strength.

Thapanee said the investment reflected BJC’s focus on both strategic growth and disciplined capital management.

“We believe the acquisition of MMVN will create added value for the business, enhance the group’s regional competitiveness and deliver sustainable long-term returns for shareholders,” she said.

The deal also gives BJC a platform to deepen its presence in Vietnam at a time when the country’s retail market is drawing growing attention from regional players. BJC’s earlier plan outlined expectations that MMVN would contribute to earnings per share from the first year after closing, with expansion to be funded without a capital increase.