Wednesday, September 23, 2020

TCC 'plans $10-billion loan' to fund bid for Tesco in Thailand, Malaysia.

Mar 03. 2020
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By The Nation

Corporate giant TCC Group plans to fund its bid for Tesco with a $10-billion two-year loan, Bloomberg reported.

If TCC Group wins the bid and the loan is drawn, it would be among the largest corporate financing transactions on record for Thailand. It would compare with a $6-billion bridge loan that backed Charoen Pokphand Group’s $6.6-billion acquisition of discount retailer Siam Makro Pcl in 2013.

Business tycoon Charoen Sirivadhanabhakdi’s TCC Group is involved in developing hotels, shopping malls and office buildings.

TCC was among companies that were earlier short-listed for the potential acquisition of Tesco’s operations in Thailand and Malaysia that could fetch more than $7 billion.

Central Group and CP All Pcl, the other two conglomerates in Thailand, have also reportedly put forward bids.

A spokesperson in the investor relations department at Berli Jucker Pcl, the retail arm of the TCC Group, has not responded yet to queries.

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