Thai Conglomerate, CP Group buys Tesco’s Asian assets for US$10.6bn

ASIA – Tesco has accepted a US$10.6 billion bid for its Asian businesses from a consortium of companies controlled by Thai billionaire Dhanin Chearavanont. The deal, which remains subject to regulatory approval and Tesco Group shareholder approval, will be completed in the second half of this year, according to RLI. The price represents an earnings multiple of 12.5 times and marks a significant premium on analysts’ estimates of the business being worth about $9 billion.  The CP Group entities which will buy the assets – Tesco Lotus in Thailand and…

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GM restructures international operations to cut costs, shuts Australia, NZ operations

UNITED STATES – American multinational corporation, General Motors Company has said it would wind down its Australian and New Zealand operations and sell a Thai plant in the latest restructuring of its global business. The Thai plant, according to Reuters, will be acquired by Great Wall, one of China’s biggest sport-utility vehicle makers. The Chinese automaker said it will sell cars from the Thai manufacturing base, which also has an engine plant, in Southeast Asia and Australia as it seeks global sales amid a slowing domestic market. The moves which…

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IFC Invests US$30m in Principal Capital to expand access to affordable, quality health care in Thailand

THAILAND— The International Finance Corporation (IFC) has said that it is investing 909 million Thai baht (US$30.10 million) through private placement of equity shares in Principal Capital Public Company Limited (PRINC), a publicly listed company on the Stock Exchange of Thailand. The investment will help PRINC to expand its hospital network to serve the middle and lower-middle income patients in Thailand’s rural and frontier regions, creating jobs and promoting energy efficient design and construction in the country, IFC noted in a statement. “IFC’s investment will help PRINC expand access to…

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