MAKRO Gains 8% after Announcing the Acquisition of Lotus Business through Stock Swap
MAKRO edged 8% higher at the opening on Sept. 1, following the company's announcement that it will acquire the Lotus business through a stock swap
MAKRO edged 8% higher at the opening on Sept. 1, following the company's announcement that it will acquire the Lotus business through a stock swap
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The share price of Siam Makro Public Company Limited (MAKRO) rose ฿3.25/share or 7.74% to ฿45.25/share, as of 10:31 local time in Thailand, with trading value of 1,566 million baht.
MAKRO’s stock price has increased following the company’s announcement that it will acquire the Lotus business through a stock swap.
Siam Makro Public Company Limited (MAKRO) has announced that the Board of Directors of the company approved to acquire C.P. Retail Holding Company Limited (CPRH), including all assets, debts, rights, obligations and liabilities of CPRH existing at present and in the future as at the entire business transfer date, with the total value of THB 217,949,072,250 through the entire business transfer method.
The acquisition is to reinforce the business of MAKRO and support the company’s long-term strategies to become the leader in the retail and wholesale business and to expand the coverage of its business operations to be at a regional level.
The acquisition will come with (a) 99.99 percent shares in Lotus’s Stores (Thailand) Company Limited which holds 99.99 percent shares in Ek-Chai Distribution System Company Limited, an operator of a retail business under the name Lotus’s in Thailand; and (b) 100.00 percent shares in Lotuss Stores (Malaysia) Sdn. Bhd. which operates a retail business under the name Lotus in Malaysia (collectively referred to as the Lotus’s Group).