Central Retail Corporation Public Company Limited (“CRC”) announced it has issued an invitation for a shareholder meeting on November 6, 2025, to consider the sale of its Italian department store, Rinascente, to Harng Central Department Store Limited (HCDS or Central Group). The agreed sale price for Rinascente’s equity is EUR 250 million, which, when factoring in a shareholder loan repayment to CRC of approximately EUR 141 million, represents a total value of approximately THB 14.7 billion (subject to final exchange rate).
The Company’s Board of Directors, which excluded interested parties, approved the proposal on September 17, 2025, and an Independent Financial Advisor (IFA) has affirmed the deal. The IFA’s report, published on October 16, 2025, concluded that the transaction is appropriate, the offer price exceeds the estimated fair value, and the sale will deliver favourable long-term returns and strategic alignment for CRC and its shareholders.
Strategic Pivot: Focusing on High-Growth Southeast Asian Markets
Suthisarn Chirathivat, CEO of CRC, stated that the decision is a strategic move to sharpen the company’s focus on high-growth markets where it has a strong established presence.
“Central Retail has decided to focus on expanding in Thailand, Vietnam, and Southeast Asian markets with high growth potential, where we possess a strong Omnichannel Ecosystem that enables powerful synergy,” said Mr. Suthisarn.
- Thailand: CRC is committing to enhancing its leadership, integrating its more than 3,000 stores with a One Tech Platform, accelerating AI adoption, and leveraging The 1 Loyalty Platform (over 22 million members) to deliver superior customer experiences.
- Vietnam: As the largest foreign retailer and No. 1 in both the hypermarket and family mall segments across 26 provinces, CRC aims to continue its profitable growth and expansion.
Financial Benefits: Special Dividend and Debt Reduction
Panet Mahankanurak, CFO of CRC, emphasized the rigorous review process and the immediate financial benefits for shareholders.
The IFA determined the sale price of EUR 250 million is higher than the fair value range of EUR 228.2–239.2 million calculated using the Discounted Cash Flow (DCF) method.
“This transaction benefits CRC and its shareholders,” Mr. Panet stated. “CRC will immediately receive cash proceeds… significantly higher than the initial EUR 25.7 million investment in 2018.”
The proceeds will be used to repay approximately THB 5.3 billion in bank loans, strengthening CRC’s financial structure. Furthermore, the transaction enables CRC to consider paying a special dividend of up to THB 7.7 billion, equivalent to THB 1.28 per share, providing immediate returns to shareholders. The transaction will also reduce the burden of managing and complying with Italian regulations, which differ significantly from Southeast Asia.
CRC confirmed that the transaction was executed with full transparency and that the company’s existing rights under related agreements with HCDS (pre-IPO commitments) will remain unchanged. Upon completion, CRC and Rinascente will maintain a business partnership, including loyalty programs and knowledge sharing.
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