Casino Group sold Big C supermarket in Việt Nam to Thai Central Group. — Photo zing.vn

HA NOI (Biz Hub) — France's Casino Group officially sold its Big C supermarket in Viet Nam to the Thai Central Group for 1 billion EUR (US$ 1.14 billion), the French group said in a statement.

The proceeds to be received by the group will amount to 920 million EUR.

Last year, Casino Group said it may sell the Big C supermarket chain in Viet Nam, Thailand and Colombia to strengthen its financial capacity.

The group has sold its Big C supermarkets in Thailand to the BJC group, a subsidiary of Thailand's TCC Group, for of 3.1 billion EUR.

Casino Group has made significant investments for more than 18 years to develop its subsidiary Big C in Viet Nam to create a leading food retailer in the country. Big C Vietnam consists of a network of 43 stores and 30 shopping malls and in 2015 achieved an after tax turnover of 586 million EUR.

The Casino Group will continue its sourcing of Vietnamese food products distributed in France, Brazil and Colombia.

The Thai Central Group is one of the main family-owned conglomerates in Thailand, operating in many sectors, including real estate, department stores, retail, hospitality and restaurants.

In 2015, the group through its subsidiary Power Buy, acquired a 49 per cent stake in NTK New Solution and Technology Development Investment Joint Stock Co, which owns Nguyễn Kim, a large Vietnamese electronics mall.

In Việt Nam, the group is also known for its series of Robins shopping malls in Hà Nội and HCM City. —VNS