CRC to sell Rinascente to Central Group

Deal estimated at 14.7 billion baht

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The board of Central Retail Corporation Plc (CRC) has approved the sale of Rinascente in Italy to Harng Central Department Store Co Ltd, part of Central Group and its major shareholder, for 14.7 billion baht.

Panet Mahankanurak, chief financial officer of CRC, said the decision to divest the business in Italy aligns with its strategy to rebalance its portfolio, shifting focus to expansion in its core markets of Thailand and Vietnam where the company has strong expertise and high growth potential.

CRC plans to continue investing in these markets, using proceeds from the sale to strengthen its financial position and pursue mergers and acquisitions (M&A), reinforcing its presence in Southeast Asia, said Mr Panet.