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CPALL issues statement amidst 7-Eleven buyout speculation

CPALL issues statement amidst 7-Eleven buyout speculation

Provided by Nation.

Thai retail giant vows prudent investment policies while pursuing growth

 

CPALL, the Thai subsidiary of CP Group that operates 7-Eleven stores in the country, on Friday affirmed its commitment to prudent investment practices amid reports that Seven & i Holdings, the Japanese parent company of the 7-Eleven convenience store chain, had approached CP for investment in a management buyout.

 

A report by Japanese media NHK suggested that Seven & i Holdings is seeking investment as a defence against competitive pressures, including a bid from Canadian retailer Alimentation Couche-Tard. Couche-Tard’s offer is understood to exceed ¥7 trillion (approximately $47 billion), while the proposed management buyout is estimated at around ¥9 trillion ($58 billion). Should it proceed, the buyout would be the largest in Japanese history.

 

In its statement to the Securities and Exchange Commission (SEC) , CPALL’s chief financial officer, Kriengchai Boonpoapichart, said: "Regarding the news reported by foreign media, [we understand that] the Japanese retail company is looking for several investors, and our company is one of the names mentioned. There is no conclusion or selection of partners yet."

 

"Therefore, the company would like to inform [the public] that our investment policy focuses on the growth of the business. In the event that we are considering any investment proposal, we will carry out the process with caution and careful consideration, prioritising the best interests of the company, shareholders, and stakeholders."
  

On January 31, shares of CP All Pcl closed at 52.00 baht, down 4.50 baht or a change of 7.96% from the previous close. During the day, the stock peaked at 55.50 baht and hit a low of 51.25 baht, with a total trading value of 9,707.75 million baht.

 

Meanwhile, the stock price of CP Extra Pcl closed at 26.75 baht, down 1.25 baht or a change of 4.46% from the previous close. During the day, the stock reached a high of 27.75 baht and a low of 26.50 baht, with a total trading value of 569.35 million baht.
  

Additionally, the stock price of Charoen Pokphand Foods Pcl closed at 22.00 baht, down 0.80 baht or a change of 3.51% from the previous close. During the day, the stock peaked at 22.90 baht and fell to a low of 21.80 baht, with a total trading value of 434.13 million baht.

NATION

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AFP-JIJI PRESS NEWS JOURNAL


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