Thailand’s Central Retail has entered into an agreement to buy a 49 per cent stake in a convenience store chain joint venture with Japan’s FamilyMart.
The Thai retailer will purchase nearly 5.8 million shares of the JV, Central FamilyMart, from FamilyMart through wholly owned subsidiary Central Food Retail. SFM Holding, another unit under Central Retail, already owns 50.65 per cent of the convenient shop business, while its department store arm Robinson Public Co holds a small 0.35 per cent interest.
The Japanese firm is seeking to offload its investments in Thailand, Central Retail said in an announcement on Thursday.
Following the completion of the deal, Central Retail will take full control of the nearly 1,000 FamilyMart outlets in Thailand.
In 2017, Reuters reported that FamilyMart was exploring options for its Southeast Asia business due to losses at units including Thailand, Indonesia and Vietnam.
FamilyMart sold its Vietnam business to Thailand-based TCC Group’s Berli Jucker in 2013, which subsequently renamed the chain as B’s Mart. However, the Japanese firm returned to the Southeast Asian country in the same year.