Central Retail Corporation Public Company Limited (SET: CRC) held the Extraordinary General Meeting of Shareholders No. 1/2025 to consider the approval of the sale of its Rinascente department store business in Italy. A total of 1,372 shareholders attended the meeting, representing 58.49% of the total shares with voting rights. The meeting was conducted in accordance with the guidelines of the Stock Exchange of Thailand and shareholder meeting standards that emphasize transparency, full disclosure of information, and equal voting rights for all shareholders.
Mr. Suthisarn Chirathivat, Chief Executive Officer of Central Retail Corporation Public Company Limited (CRC) stated, “The shareholders’ meeting approved the sale of assets related to the Rinascente department store business, with 3,159,952,199 votes in favour, representing 89.57% of shareholders who attended the meeting and were entitled to vote, and with no vested interests. This resolution marks another important milestone in CRC’s strategy to strengthen its business structure and drive growth by focusing on its two core markets, Thailand and Vietnam, as well as the broader Southeast Asian region, which offers high potential for retail and wholesale expansion under the ‘New Heights, Next Growth’ strategy. The company aims to enhance competitiveness and support long-term sustainable growth, reaffirming its leadership in retail and wholesale both in Thailand and internationally, while delivering stable value and returns to all stakeholders. CRC remains committed to operating with transparency, accountability, and good corporate governance. The proceeds of approximately THB 14.7 billion from the sale will be used to fund growth and strengthen the company’s financial position. A portion of the proceeds will be allocated to repay financial institution loans, reducing total debt by around THB 5.3 billion, thereby increasing financial flexibility for future expansion. In addition, CRC plans to allocate approximately THB 7.7 billion to pay a special dividend of THB 1.28 per share, providing immediate returns to CRC shareholders”.
“Central Retail remains firmly committed to the principles of good corporate governance and transparency across all aspects of its business operations. The shareholders’ approval reflects their confidence in the company’s growth direction, serving as a key driving force in building a strong and sustainable business that creates long-term value for all shareholders and stakeholders,” Mr. Suthisarn concluded.
