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.

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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