Central Retail Corporation Public Company Limited (SET: CRC) has informed the Stock Exchange of Thailand (SET) that, according to the resolution of the Board of Directors’ Meeting No. 6/2025 held on 17 September 2025, the company approved to propose to the shareholders’ meeting for consideration and approval of the sale of the Rinascente department store business in Italy.
Harng Central Department Store Company Limited (HCDS), which is a major shareholder of CRC, has proposed to purchase 100% of the shares in CRC Holland B.V., the company which holds all shares in the group operating the Rinascente department store business. The transaction value amounts to EUR 250 million, or approximately THB 9,384 million.
In addition, there will be the transfer of contracts and repayment of shareholder loans totaling approximately EUR 141 million, or about THB 5,297 million. The company expects to receive net cash after tax deductions of approximately THB 13,000 million.
CRC explained that this asset disposal aligns with the company’s strategy to focus on expanding investments in Southeast Asia, such as Thailand and Vietnam, which are high-growth potential markets. The company plans to use the net cash proceeds to repay loans from financial institutions to reduce costs and debt burden, as well as consider allocating dividends to shareholders at a rate of approximately THB 1.28 per share.
To proceed according to regulatory steps, the company will appoint Avantgarde Capital Company Limited as an independent financial advisor to provide opinions to shareholders. The Extraordinary General Meeting of Shareholders No. 1/2025 is scheduled for Thursday, 6 November 2025, at 2.00 p.m. The record date to determine eligible shareholders to attend the meeting is set for 2 October 2025.
