Central Retail Corporation Public Company Limited (SET: CRC) has made a statement regarding the report of its parent company, Central Group, is in talks with Vietnam’s largest conglomerate, Vingroup (HM: VIC) to purchase its retail unit, Vincom Retail.
CRC stated that it is not involved in the deal as reported in the news.
Vincom Retail (HM: VRE) is Vietnam’s biggest shopping mall operator with a market value of $2.8 billion. Nearly 60% shareholding in the retail arm is controlled by Vingroup.
Similar incident happened in December 2021 over the report that the group company was in talks with an Austrian real estate company Signa Group to acquire Selfridges Group, an operators of 18 international department stores, including a high-end department store Selfridges in London, de Bijenkorf in Netherland, Brown Thomas and Arnotts in Ireland.
Central Group later confirmed the deal and CRC, who denied involvement in the deal at the time, declined to invest in Selfridges Group.
The company stated that the investment by Central Group should allow the company to benefit from business relationships, such as by leveraging relationships with world-class brands. In this respect, the Board of Directors of CRC had considered the aforementioned investment opportunity, cognizant of the rights and the best interests of the company and all shareholders.
